Nigeria has a year to tackle worst its money laundering cases, or face sanctions, the Director-General, Inter-Governmental Action against Money Laundering (GIABA), Dr Abdullahi Shehu, has warned. Speaking to The Nation, Shehu said Nigeria is still engaged in 21 predicate offences that assist the growth of money laundering, adding that this has put the country in a very precarious situation. He listed the offences to include human trafficking, drugs trafficking, currency trafficking, proceeds from advance fee fraud, oil bunkering, bribery, embezzlement of public funds, investment of ill-gotten wealth on real estates, cybercrimes, kidnapping, smuggling, importation of contrabands and wire transfers to offshore branches. He said: “After our mutual evaluation programmes recently, we discovered that Nigeria is yet tackle the 21 predicate offences outlined in the Financial Action Task Force (FAST) plans. Failure to tackle one or two of the predicate offences means that the country is battling with serious cases of money laundering.
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