Money laundering: ECOWAS agency fingers Nigerian casinos
$5,000 Welcome Bonus
ECOWAS agency fingers Nigerian casinos of money laundering. The gambling spots are mostly owned by foreigners from South Africa, China, Lebanon, the United States, Germany and the UK. The agency could not confirm if Nigeria had carried out a national risk assessment of the casinos. It is one of key requirements of Financial Action Task Force. They are meant to develop policies to combat moneyaundering. and terrorism financing. Nigeria conducted its first risk Assessment of casinos in 2016. it is not known if it did the second one. the agency. GIABA is a financial intelligence agency established by the Economic Community of West African States.
Nigeria may face sanctions from the Financial Action Task Force for non-compliance with certain money laundering and terrorism financing standards. The fear of sanctions may have informed the inauguration of committees on the implementation of the Anti-Money Laundering and Counter-Financing Terrorism recommendations by the Ministry of Interior and the Nigeria Police last Friday.
