30 results
- 19 Jul 2022
Ping Express Dispels Money Laundering Claims, Says Nigerians Are Treated Harshly for having Ineffective Anti-Money Laundering Policy
Ping Express, a financial technology company that was alleged to have laundered $160 million to Nigeria has debunked claims. The company denied the claims in a statement released on Tuesday and made…
- 20 Mar 2026
Court Jails ‘Colonel’, ‘Major’ of Global Money-Laundering Ring
A “colonel and a major” in a “worldwide highly sophisticated money-laundering syndicate on a breathtaking scale” have been jailed for nine years and 7 and half years respectively. Ejike Francis…
- 6 Apr 2009
IMF Earmarks over $31 million to Fight money laundering
Money Launderers and Terrorism financiers in African countries are in for a big confrontation as the International Monetary Fund (IMF) has packaged for launching a donor-supported trust fund worth…
- 13 May 2014
CBN Chides Banks over Money Laundering
Dr. Sarah Alade, acting governor of the Central Bank of Nigeria (CBN), has linked banks to money laundering and other related crimes and accused them of aiding or abetting the crimes knowingly or…
- 29 Mar 2018
Blockchain to Transform Anti-money Laundering Ecosystem - Report
Blockchain technology may be the answer to money laundering and fraud associated with payment processing services within financial institutions. This is according to a Forrester report titled:…
- 5 Nov 2014
IBA Releases Money Laundering Prevention Guide
A new guide aiming to provide lawyers across the world with practical guidance in detecting and preventing money laundering has been produced by the International Bar Association (IBA) in conjunction…
- 17 Mar 2022
Senate Amends Money Laundering Act, Banks to Report Deposits to EFCC
The Senate has passed a bill to amend the Money Laundering Act 2011, which makes it mandatory for Deposit Money Banks and other financial institutions to report to the Special Control Unit Against…
- 6 Mar 2015
SEC, NFIU to Collaborate to Check Money Laundering, Terrorism Financing
The Securities and Exchange Commission (SEC) and the Nigerian Financial Intelligence Unit (NFIU) of the Economic and Financial Crimes Commission (EFCC) have pledged stronger collaboration to fight…
- 6 Jul 2022
Kenyan Court Freezes Accounts of Flutterwave, Others for Alleged Money Laundering
A Kenyan high court has reportedly frozen the accounts of Futterwave, a Nigerian fintech, among over alleged money laundering. A total of 56 bank accounts holding a whopping Sh7 billion suspected to…
- 22 Nov 2019
CBN Rejigs Anti-Money Laundering Laws
Central Bank of Nigeria (CBN) has amended its laws on anti-money laundering and combating the financing of terrorism through banks and other financial institutions in Nigeria (amendment regulations…
- 30 Aug 2013
NFIU to Sanction Banks over Money Laundering
Nigerian Financial Intelligence Unit (NFIU), yesterday, threatened to sanction financial institutions in the country, following their non-compliance with certain anti-money laundering provisions. Ms.…
- 29 Nov 2024
CBN Fines 29 Banks N15Bn for Violation of Money Laundering, Terrorism Financing Regulations
Central Bank of Nigeria (CBN) has said penalties totaling N15 billion were imposed on 29 banks for violations of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations.…
- 23 Oct 2024
FG Drops Money Laundering Charges Against Binance Executive
Federal government has withdrawn the money laundering charges filed against Binance executive, Gambaryan Tigran. The Economic and Financial Crimes Commission (EFCC) announced the withdrawal of the…
- 26 Apr 2018
CBN to Punish Banks, Directors for Money Laundering Offences
Central Bank of Nigeria (CBN) has reeled out new regime of sanctions which includes punishments for banks, their directors as well as huge fines against financial institutions found culpable of any…
- 25 Nov 2018
CBN Mulls Punishment for Banks’ Chiefs over Money Laundering
Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) to be careful not to violate the money laundering Act. The warning is coming as the 2019 elections approach and political…
- 3 Nov 2008
EFCC Warns Banks against Aiding Money Laundering
Farida Waziri, chairman of the Economic and Financial Crimes Commission (EFCC) has challenged Nigerian banks to live up to their responsibility by giving the anti-graft agency genuine information on…
- 15 Sept 2014
SERAP Asks CBN to Provide Information on Money Laundering to Boko Haram
The Socio-Economic Rights and Accountability Project, (SERAP) has issued a Freedom of Information request to Godwin Emefiele, governor of Central Bank of Nigeria (CBN) asking him to “urgently…
- 25 May 2022
CBN Intensifies War against Money Laundering
.Central Bank of Nigeria (CBN) has developed guidance note on anti-money laundering/combating the financing of terrorism (AML/CFT) for other financial institutions (OFIs), in a bid to protect the…
- 17 Feb 2022
CBN Kicks Against New Anti-Money Laundering Law
Central Bank of Nigeria (CBN) on Thursday kicked against plans by the Senate to enact a new anti-money laundering law. The apex bank put forward this position during a public hearing by a Senate…
- 11 Mar 2026
CBN Directs Banks to Activate Anti-Money Laundering Systems
Central Bank of Nigeria (CBN) has issued new baseline standards requiring banks and other financial institutions to deploy automated anti-money laundering systems capable of detecting suspicious…
- 10 May 2017
CBN to Revoke Banks’ Licences over Money Laundering, Others
The Central Bank of Nigeria (CBN), said it would revoke the operating licences of micro finance banks, and other financial institutions (OFIs), due to non-compliance with anti-money laundering and…
- 4 Feb 2015
Adeseyoju, DataPro boss Urges Banks to Embrace Anti-money Laundering Measures
Mr. Abimbola Adeseyoju, managing director of DataPro Limited, has urged banks to see anti-money laundering (AML/CFT) compliance as an obligation because of the need to insulate banks and other…
- 5 Jan 2025
21 Bank Accounts Frozen by Abuja Court Over Alleged Money Laundering
A Federal High Court in Abuja has ordered the interim freezing of 21 bank accounts across multiple commercial banks over allegations of money laundering. Presiding judge Emeka Nwite also directed the…
- 25 Feb 2024
Binance to Pay $4.3Bn for Violating US Anti-money Laundering Laws
The world’s biggest cryptocurrency exchange, Binance Holdings Ltd (BHL) has been ordered to pay $4.3 billion for violations of anti-money laundering and sanctions laws in a settlement approved by a…
- 6 Aug 2024
Trial of Echefu, TStv MD, ED for Tax Evasion, Money Laundering Begins November 26
Justice Inyang Edem Ekwo of the Federal High Court, Abuja, has fixed November 26 for the trial of Dr. Bright Ikechukwu Echefu and Dr. Felix Nnamdi Ignoanuga, said to be executives of the Telecom…
- 11 Feb 2019
Magu, EFCC Boss Accuses 10 Banks of Money Laundering
Ibrahim Magu, acting chairman, Economic and Financial Crimes Commission (EFCC), has accused 10 commercial banks of money laundering. Magu, who stated, while speaking at a round table meeting…
- 7 Mar 2018
Senate Okays Money Laundering Bill, Grants NFIU's Autonomy
The Senate yesterday passed a legislation meant to help authorities tackle money laundering and funding for terrorism by allowing its financial intelligence unit to operate free of state control.…
- 8 Feb 2017
Ozekhome Kicks as Court Freezes His Account over Money Laundering
Justice AbdulAziz Anka of a Federal High Court in Lagos on Tuesday ordered the temporary forfeiture of N75 million the Economic and Financial Crimes Commission (EFCC) said it discovered in the…
- 24 Mar 2025
Police Arrest 4 Bank Staff over Alleged ₦270m Fraud, Money Laundering
The Lagos State Police Command has arrested four bank employees over their alleged involvement in a sophisticated fraud and money laundering scheme that diverted over £138,924 (more than ₦270…
- 16 Jan 2026
Nigeria Off EU High-Risk Money Laundering List in Major Financial Win
Nigerian Financial Intelligence Unit (NFIU) has hailed Nigeria's removal from the European Union's list of high-risk third countries for Anti-Money Laundering and Countering the Financing of…