Egypt Acquits Former Minister of Money Laundering Charges

Habib Al-Adly,

Cairo — An Egyptian court has acquitted former interior minister Habib al-Adly of money-laundering and profiteering charges.

 Adly, who served under the rule of toppled autocrat Hosni Mubarak, was sentenced in 2011 to 12 years in prison over charges of illegally acquired 181 million Egyptian pounds.

He was also fined four million Egyptian pounds and eight-hundred fifty-three Egyptian pounds for graft charges and nine million and twenty-six pounds for money laundering.

Adly will submit a request to be released after serving a three-years prison term over other charges, his lawyer told Aswat Masriya.

Son of Brazilian football legend sentenced to 33 years in jail for money laundering

Edinho, son of Pele

 

The son of the Brazilian football legend Pele has been sentenced to 33 years in jail for laundering money raised from drug trafficking. 

Edinho is a retired footballer who played goalkeeper for Pele's old club, Santos, in the 1990s.

He was first arrested in 2005 and has served a sentence for drug trafficking offences and links with a notorious drug dealer in the city of Santos.

He admits he had a drug problem but denies the trafficking charges.

The ruling was issued by a judge in the nearby coastal city of Praia Grande, in Sao Paulo state.
Brazilian media have not been able to contact Edinho, whose real name is Edson Cholbi do Nascimento, but they say he is expected to appeal.

Edinho, 43, works as a goalkeeping coach at Santos.
US childhood
Pele, or Edson Arantes do Nascimento, played all his professional career in Brazil for Santos.
Playing for Brazil, he won the World Cup in 1958, 1962 and 1970 and was acclaimed as the greatest footballer of his generation.

Nigeria: Banks and Money Laundering

Editorial
The indictment by the Acting Governor of Nigeria's central Bank, Dr. Sarah Alade that Banks have been aiding money laundering, a practice which puts a slur on their integrity, professional and ethical standard did not come as a surprise to keen observers of the Nigerian banking system. What is however curious is that the charge is coming from the apex bank that has statutory regulatory power to detect, query, and sanction any erring bank that violates the extant banking regulations. 

CBN Governor delivered the indictment at a course on Combating Money Laundering and other Financial Crimes organised by the West African Institute for Financial and Economic Management (WAIFEM) in Abuja last week. According to Mrs. Alade, "bank facilities are used knowingly and unknowingly to further the act of money laundering and in most cases to retain the proceeds of such crime" which include, round tripping, financial fraud, capital flight, fake cheques, fake currency minting, advanced fee fraud and insiders abuse. She also warned that money laundering has adverse effect on foreign direct investment (FDI) "when a country's commercial and financial sector are perceived to be associated with the incidence of organized crimes".