Experts Seek Tighter Regulations against Money Laundering

The Chairman, Lagos Chamber of Commerce and Industry (LCCI), Mr. Remi Bello, has stressed the need for stiffer regulations against money laundering and terrorist financing.

Bello argued that the huge amount taken out of the country illegally would have made a considerable impact on the Nigerian economy.

The LCCI boss stated this at a recent conference tagged: “Anti-money Laundering, Terrorist Financing and Identity Theft Management,” organised by the Lagos branch of the Chartered Institute of Bankers of Nigeria (CIBN).

While stating that money launders used to take away millions of naira in the past, he alleged that the crime has grown into billions of naira. The trend, according to him, calls for greater regulation as a result of the effect on the Nigerian economy.

"It is naive to think that Western nations will help us to police the theft of our patrimony. In many ways, they benefit from our corruption, "he alleged.

He added: "Therefore, there is need for Nigerians to fight for themselves through public enlightenment processes and accountability by Nigerian officials.”

He said that campaign against money laundering and terrorist financing should also at the fore front of any political campaign as well as the on-going national conference.

Egypt bans dealings with countries with poor anti-money laundering laws

(KHARTOUM) – Egyptian banks are refusing to receive wire transfers from Sudanese and Libyan companies in line with instructions issued by the Central Bank of Egypt (CBoE).

The headquarters of the Central Bank of Egypt in the capital, Cairo (Photo: Reuters/Amr Abdallah Dalsh)

The CBoE decided to ban banking transactions with several Arab and African countries, including Qatar, Libya, Syria and Sudan, saying those countries are not committed to implementing anti-money laundering laws.

It also said there are suspicions that there are money transfers from those countries to civil and rights organisations inside Egypt and are being misused.

According to Egypt’s Al Youm Al Sabi’ daily newspaper, the Egyptian Chemical and Fertiliser Exports Council (CFEC) ,which is headed by Waleed Hilal, received complaints from several companies in the sector, saying they were negatively affected by the decision to ban banking transactions with those countries.

In a press statement on Wednesday, Hilal said that the companies are facing problems in receiving their dues from clients in some Arab countries due to CBoE instructions.

Director of Financial Intelligence Unit promises to work with anti-money laundering journalists

The director of the Financial Intelligence Unit (FIU) has promise to work with the Network of Journalists against Money Laundering and Terrorism Financing – The Gambia, a national chapter of the sub-regional network. 

Mr Yahya Camara said his unit is ready to work with the network to see how best the right information on the scourges of the twin evils of Money Laundering and Financing Terrorism (ML and FT) reach the masses.  The FIU is established by an Act of the parliament and it is mandated to render services such combating  ML and FT in The Gambia.

(L - R) Mr Drammeh, Mr Jahateh and Mr Camara

Mr Camara was speaking to members of the network during a courtesy call to his office, located within the Central Bank of The Gambia in Banjul, on Wednesday. 

Speaking earlier, Lamin Jahateh, coordinator of the network, said the purpose of the visit is to formally introduce the network to the FIU, and to discuss areas that the FIU can collaborate with the network, as part of the network’s 2014 action plan.

The main objectives of the network include complementing the efforts of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in combating economic and financial crimes in the sub-region with a view to protect the national economies and financial systems from M L. 

The network has aims to also to build the capacity of journalists to report well on issues pertaining to money laundering and terrorism financing.

Mr Jahateh said this year; the network intends to organize a seminar to familiarise journalists with the Anti-Money Laundering and Counter Financing Terrorism Act of The Gambia. 

This is to help journalists to be au fait with the tools and knowledge needed to do a proper reporting and analysis of the twin crimes. 

He also told the FIU boss that the network intends to hold symposium on International Anti-Corruption Day, 9^th December.  The event will be staged to raise awareness on the menace of corruption as it is one of the sources where people derive illicit fund to launder or to finance criminals.

The network also has plans to prepare and publish an E-Newsletter that will contain quality reports and feature articles on ML and FT, as part of its efforts to disseminate information on the twin crimes.

Welcomed initiatives

Mr Camara, director of the FIU, said the initiatives of the network are welcome and that the FIU will see how best they can collaborate with the network.