Abuja - Nigerian banks have been accused of aiding money laundering related crimes in the country, reports Daily Independent.
Sarah Alade, Acting governor of Central Bank of Nigeria(CBN), who disclosed this at the regional course on Combating Money Laundering and other Financial Crimes organised by the West African Institute for Financial and Economic Management (WAIFEM), in Abuja, said bank facilities are used to further the act of money laundering and in most cases to retain the proceeds of such crime.
She noted that the involvement of banks in money laundering were in several respects. It includes round tripping, financial fraud, capital flight, fake cheques, fake currency minting, advanced fee fraud and insiders abuse.
She, however, said the menace is not entirely a Nigeria phenomenon as over 80 percent of the proceeds of money laundering are associated with banks, one way or the other, all over the world.
Read more at Daily Independent.
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