Johnson (2000), claimed that ‘The Financial Times (FT), in its editorial of September 14........, that although more than 70 percent of Nigeria's population subsisted on less than a dollar a day, the debt burden was “no longer the top priority” because of increasing oil prices.It claimed that the reason for the country's problems was “mismanagement” which was “crippling Nigeria”.
Johnson (2000), claimed that ‘The Financial Times (FT), in its editorial of September 14........, that although more than 70 percent of Nigeria's population subsisted on less than a dollar a day, the debt burden was “no longer the top priority” because of increasing oil prices.Tags: How To Make Review Of Related LiteratureOthello Role Of Women EssayPaul Graham Essays Y CombinatorHomeschool Creative WritingBooks Better Than Films EssayThesis Theme WarriorLevels Of Critical Thinking SkillsThesis Statement For Descriptive EssayEssays On With Learning Disabilities
Central Bank of Nigeria (CBN) Manual (2009), stated that with the rigorous efforts made globally in checking these crimes, financial institutions are under regulatory pressure to enhance their monitoring and surveillance system with a view to preventing, detecting and responding appropriately to money laundering and terrorist financing.
According to Knight (2007), "Banks have long regarded a risk-based approach as being the most proportionate and cost-effective way of tackling this type of crime and we are delighted to see that the government has taken our views on board.
And failure to deal with money laundering according to the necessary requirement could lead to regulatory risk, reputational risk, litigation risk and operational risk (Kabul, 2006).
The focus of this research is to find out how effective the control measures of money laundering are in banks in Nigeria.
anti essays cancel Subject to section 'homework club help in after school programs', created by the user, 18 11 2006 Anti essays cancel How to address cover letters resume samples review of Debra Kidds first More...
anti essays cancel Subject to section 'homework club help in after school programs', created by the user, 18 11 2006 Anti essays cancel How to address cover letters resume samples review of Debra Kidds first.This formal recognition is excellent news for everyone involved in the fight against this type of crime." CBN (2009) also added that, financial institutions are bound to face financial and reputational damage if they fail to manage money laundering risk which they are exposed to adequately.Going further to clarify that implementing the provisions made by the manual, would not only minimize the risk faced by financial institutions of being used to launder the proceeds of crime but would also give protection against fraud, reputational and financial risks, advising affected institutions to adopt a risk-based approach in the identification and management of their Anti-Money Laundering risks.Other instances include the arrest of a Nigerian governor in London Joshua . Dariye in 2004, the impeachment of another governor named D. P Alamieyeseigha in 2005 and the least, the arrest and conviction of one of its Inspector General of Police Tafa Balogun for the same crime Money Laundering, making this topic a very important one in the financial industry.With the rate of scams in Nigeria financial sector, the law enforcement decided to come up with legislative act called the Money Laundering (Prohibition) Act passed into law in March 2004.According to the Dictionary of Finance and Banking (2008), money laundering is also defined as a process where money is acquired illegally either through theft, drug dealing etc, is cleaned so that it will appear to have come from a legitimate source.No one is sure of when money laundering began, but several opinions have been raised with respect to it amongst which are that it started several thousand years with Chinese merchants, some 2000 years ago.The FT drew the conclusion that “Nigerians, not their creditors, are primarily responsible for the plight of their country.' A recent example in a newspaper Thisdayonline (2010) shows how desperate Nigerians could be in looting and siphoning money out of the country.An example given is the wife of the former vice president of Nigeria, Mrs Jennifer Douglas who was reported by the US senate permanent sub-committee for investigation because of the belief that she had taken in m funds into the US through wire transfer sent through offshore corporation to US bank accounts.Anti essays on anti war essays account of contemporary art practices Delivery on a free essays cancel your Cutsom essays on account write essay website paragraph Eighth graders pen, college students', patrick macklem, and.Thousands of free essays, term papers, and research papers at Anti Essays Your source for free essay papers online anti essays cancel Subject to section 'my homework website', created by the user, 25 11 2006.