Lax UK bank oversight aids Nigeria graft -watchdog
October 11th, 2010
Report says banks took funds from corrupt politicians; Urges tighter enforcement of money laundering rules; HSBC says Global Witness findings are misguided
By Nick Tattersall
Reuters
LAGOS–Britain needs to enforce money laundering regulations more strictly after some of its leading high street banks accepted millions of pounds in deposits from corrupt Nigerian politicians, a graft watchdog said on Monday.
Global Witness said in a 40-page report that five banks had taken millions of pounds between 1999 and 2005 from two former Nigerian governors accused of corruption, but had failed sufficiently to investigate the customers or the source of their funds. ( www.globalwitness.org )