There is a consensus among mainstream business analysts that banks are central and recurring factor in the huge illicit money laundering business in Nigeria, to the extent that they account for about 90 percent of the total volume of money laundered in the country today.
It is estimated that between N200 billion and N500 billion of shady funds are shuffled around the banks with criminal intent, annually. About 80 percent of that is money stolen by corrupt government officials, tax evaders, as well as illegal money transferers.
The recent Pension Fund scam underlined the extent of the culpability of banks in the thriving local money laundering business, when huge sums of money were moved around some banks without questions or penalties.
A senior Economic and Financial Crimes Commission (EFCC) official confirmed that there have been several investigations following non-compliance with Money Laundering (Prohibition) Act, 2011 by the Nigeria Financial Intelligence Unit (NFIU) which handles financial crime cases. The NFIU is the agency that feeds information on financial crime to other agencies including the EFCC.
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