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.

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.

Global Witness An international financial crime watchdog has named and shamed countries that are failing to stop dirty money entering the financial system, a move welcomed by Global Witness. However, conspicuously absent are major financial centres and secrecy jurisdictions, many of which also have serious weaknesses in their anti-money laundering regulations. The Financial Action Task Force (FATF), the intergovernmental group that sets the global anti-money laundering standard, has issued a list of countries which are failing to do enough to crack down on financial crime. The 28 countries include Iran, Greece and Turkey.