Financial Transparency Coalition

LONDON—British high street banks have accepted millions of pounds in deposits from corrupt Nigerian politicians, raising serious questions about their commitment to tackling financial crime, warned Global Witness in a report published today. By taking money from corrupt Nigerian governors between 1999 and 2005, Barclays, NatWest, RBS, HSBC and UBS helped to fuel corruption and entrench poverty in Nigeria.

LAGOS, Oct 11 (Reuters) - 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.

The FT has reported:

Organised criminals in the UK are becoming increasingly involved in financial frauds including insider share dealing that they see as lucrative and low risk, investigators have warned. The trend – for 15 years a concern of US securities market regulators – is only now being explored in Britain where authorities are facing criticism for failing to co-ordinate on tackling financial crime. Paul Evans, Soca’s (Serious Organised Crime Agency) director of intervention, said those people targeted by his agency – which covers areas such as drugs, people trafficking and extortion –...