SIGN IN YOUR ACCOUNT TO HAVE ACCESS TO DIFFERENT FEATURES

CREATE AN ACCOUNT FORGOT YOUR PASSWORD?

FORGOT YOUR DETAILS?

AAH, WAIT, I REMEMBER NOW!

CREATE ACCOUNT

ALREADY HAVE AN ACCOUNT?

Magnartis Finance & Investment Limited

  • LOGIN
  • Home
  • About
    • About Us
    • Management Team
    • Directors
  • Services
    • Stockbroking
    • Portfolio Management
    • Corporate Finance
    • Advisory Services
  • Projects
  • Download
  • Contact
  • Open an account
  • Home
  • Experts seek implement of supervisory regime to combat money laundry
  • Capital Market News
  • Experts seek implement of supervisory regime to combat money laundry
 

Experts seek implement of supervisory regime to combat money laundry

Experts seek implement of supervisory regime to combat money laundry

by magna / Wednesday, 29 April 2015 / Published in Capital Market News

By Bamidele Ogunwusi /  Lagos

 

Records from the International Monetary Fund (IMF) have shown that between 2 to 5 per cent of the world’s gross domestic products (GDP) is laundered yearly, estimated to be about $980 billion – $1.5 trillion in monetary terms.

Project Coordinator (Anti-corruption) of the United Nations Office on Drugs and Crimes, Bala Sanga, who made this disclosure at the Chartered Institute of Bankers of Nigeria’s, (CIBN) Anti-Money Laundering workshop, explained that money laundering and terrorist financing pose serious threats, which emanate from illicit activities in banking, monetary or other economic operations.

He however, lamented that countries without Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) laws and corrupt countries are fertile grounds.

According to him, the absence of AML/CFT laws increases crime and corruption while at the same time affecting negatively foreign investment, weakens the financial sector and damages the economy and private sector.

Sanga affirmed that an effective AML/CFT regime cures the defects of associated with ineffectiveness.

In his paper titled, “New International Initiatives in Combating Money Laundering” the Acting Director of Nigerian Financial Intelligence Unit (NFIU), Francis Usani, disclosed that with some level of technical assistance from the IMF Nigeria is working assiduously to develop a risk-based approach to AML/CFT supervision.

Source : Independent

About magna

What you can read next

NewsWatch: Is this the beginning of the emerging-market rally?
Infrastructure: Nigeria needs $3.9trn investments –SEC DG
The Wall Street Journal: Now, Stone Lion Capital suspends redemptions as junk-bond market fears accelerate

Market Capitalization

[visualizer id="161"]

Newsletter Subscription


 

About Us

Magnartis Finance & Investment Ltd (“Magnartis”) is a Dealing Member of The Nigerian Stock Exchange with expertise in Stockbroking and Trade Execution Services.

Download

  • FGN Savings Bond Subscription Form
  • Mandate For Ebonus
  • Cscs Clients Authorization Form For Change Of Bank
  • Cscs Client Bank Update Form
  • Account Opening Form KYC

Research

  • Daily Price List
  • Daily Market Summary
  • Weekly Market Summary
  • Special Reports

Contact Info

16, Boyle Street, Onikan, Lagos, Nigeria

Office Number:
01-4538066

E-mail:
info@magnartis.com

  • GET SOCIAL

© 2014 Magnartis Finance & Investment Limited. All Right Reserved

TOP