On money laundering: Know your customers, investors and partners | TheCable

[OPINION BY STANLEY ALIEKE] On money laundering: Know your customers, investors and partners | TheCable

BY STANLEY ALIEKE

Out of due diligence, I asked him to disclose to me who the prospective investor is. I found out that the prospective investor is a “notorious” Nigerian politician who has a lot of money laundering and public funds embezzlement court cases around his neck. It will be safe to presume that he is likely trying to use my client’s firm to launder some of his alleged stolen funds. This will definitely be the first presumption of anti-financial crime agencies.

The EFCC has been empowered by the provisions of S. 6 of the EFCC act, 2004 “to identify, trace, freeze, confiscate or seize proceeds derived from terrorist activities, economic and financial crime related offences or the properties the value of which corresponds to such proceeds”.

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