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Nigeria: CBN, banks not doing enough on money laundering
Publicado el May 24, 2012

The Central Bank of Nigeria (CBN) and the Board of Directors of banks have been chided for not proffering solutions to the lingering money laundering problems in the country.  

The Managing Director, Citigroup/Head of Anti-Money Laundering and Sanctions Compliance,  Simon Kingsbury, said this during a stakeholders forum on combating money laundering in Lagos. 

Kingsbury, while delivering a paper titled: “The Importance of an Anti- Money Laundering Programme,” accused CBN and the Board of Directors of Banks of being unable to proffer solutions to the malaise. Kinsbury said the apex bank and the boards  should be blamed for the persistent money laundering problems, adding that the two bodies have not been able to put in place necessary anti-money laundering frameworks in place.

  He said it is wrong to accuse the chief compliance officers of money laundering issues, adding that they are confronted with certain challenges.

He said: “Once the compliance culture is weak in an organisation, the development would affect the chief compliance officers in no small measures. This implies that  they cannot do much to tackle the problem.”

He said the issue of money laundering is challenging, arguing that it requires the combined efforts of all the relevant stakeholders in the financial chains.

 He said the banking watchdog, and the boards of banks are more important in the fight against money laundering. 

He advised chief compliance officers to submit reports on money laundering to the banks on periodic basis, stressing that the idea would help in checking money laundering.

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