|
Nigerian Financial Intelligence Unit
The Nigerian Financial Intelligence Unit (NFIU) is the Nigerian federal agency responsible for collecting and analyzing disclosures from reporting organizations, in order to produce financial intelligence to other agencies combating money laundering, terrorism financing, and other financial crimes. It acts as the Financial Intelligence Unit for Nigeria. History The NFIU was established in 2004 as an autonomous unit within the central coordinating body for the country’s Anti-Money Laundering, Counter-Terrorist Financing, and Counter-Proliferation Financing (AML/CFT/CPF) framework of Central Bank of Nigeria The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959. The major regulatory objectives of the bank as stated in the CBN Act are .... It also operates as part of Economic and Financial Crimes Commission. In 2007, the NFIU joined the Egmont Group of Fi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Of Nigeria
The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959. The major regulatory objectives of the bank as stated in the CBN Act are to: maintain the external reserves of the country, promote monetary stability and a sound financial environment, and act as a banker of last resort and financial adviser to the federal government. The central bank's role as lender of last resort and adviser to the federal government has sometimes pushed it into murky regulatory waters. After the end of imperial rule the desire of the government to become pro-active in the development of the economy became visible especially after the end of the Nigerian civil war, the bank followed the government's desire and took a determined effort to supplement any show shortfalls, credit allocations to the real sector. The bank became involved in lending directly to consumers, contravening its original ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic And Financial Crimes Commission
The Economic and Financial Crimes Commission (EFCC) is a Nigerian law enforcement agency that investigates financial crimes such as advance fee fraud (419 fraud) and money laundering. The EFCC was established in 2003, partially in response to pressure from the Financial Action Task Force on Money Laundering (FATF), which named Nigeria as one of 23 countries non-cooperative in the international community's efforts to fight money laundering. The agency has its head office in Abuja, Nigeria. History Under the previous EFCC chairman Nuhu Ribadu, the agency has addressed financial corruption by prosecuting and convicting a number of high-profile corrupt individuals, ranging from Nigeria's former chief law enforcement officer to several bank chief executives. By 2005, the EFCC arrested government officials including, Diepreye Alamieyeseigha. In September 2006, the EFCC had 31 of Nigeria's 36 state governors under investigation for corruption. In December 2007, the Nigerian Federal Gov ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Laundering
Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions with varying definitions. It is usually a key operation of organized crime. In US law, money laundering is the practice of engaging in financial transactions to conceal the identity, source, or destination of illegally gained money. In UK law the common law definition is wider. The act is defined as "taking any action with property of any form which is either wholly or in part the proceeds of a crime that will disguise the fact that that property is the proceeds of a crime or obscure the beneficial ownership of said property". In the past, the term "money laundering" was applied only to financial transactions related to organized crime. Today its definition is often expanded by government and international regulators such as the US Offic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Terrorism Financing
Terrorism financing is the provision of funds or providing financial support to individual terrorists or non-state actors. Most countries have implemented measures to counter terrorism financing (CTF) often as part of their money laundering laws. Some countries and multinational organisations have created a list of organisations that they regard as terrorist organisations, though there is no consistency as to which organisations are designated as being terrorist by each country. The Financial Action Task Force on Money Laundering (FATF) has made recommendations to members relating to CTF. It has created a Blacklist and Greylist of countries that have not taken adequate CTF action. As of 24 October 2019, the FATF blacklist (Call for action nations) only listed two countries for terrorism financing: North Korea and Iran; while the FATF greylist (Other monitored jurisdictions) had 12 countries: Pakistan (see Pakistan and state-sponsored terrorism), Bahamas, Botswana, Cambodia, G ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crime
Financial crime is crime committed against property, involving the unlawful conversion of the ownership of property (belonging to one person) to one's own personal use and benefit. Financial crimes may involve fraud (cheque fraud, credit card fraud, mortgage fraud, medical fraud, corporate fraud, securities fraud (including insider trading), bank fraud, insurance fraud, market manipulation, payment ( point of sale) fraud, health care fraud); theft; scams or confidence tricks; tax evasion; bribery; sedition; embezzlement; identity theft; money laundering; and forgery and counterfeiting, including the production of counterfeit money and consumer goods. Financial crimes may involve additional criminal acts, such as computer crime and elder abuse and even violent crimes such as robbery, armed robbery or murder. Financial crimes may be carried out by individuals, corporations, or by organized crime groups. Victims may include individuals, corporations, governments, and e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Intelligence Unit
Financial intelligence (FININT) is the gathering of information about the financial affairs of entities of interest, to understand their nature and capabilities, and predict their intentions. Generally the term applies in the context of law enforcement and related activities. One of the main purposes of financial intelligence is to identify financial transactions that may involve tax evasion, money laundering or some other criminal activity. FININT may also be involved in identifying financing of criminal and terrorist organisations. Financial intelligence can be broken down into two main areas, collection and analysis. Collection is normally done by a government agency, known as a financial intelligence organisation or Financial Intelligence Unit (FIU). The agency will collect raw transactional information and Suspicious activity reports (SAR) usually provided by banks and other entities as part of regulatory requirements. Data may be shared with other countries through intergov ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Egmont Group Of Financial Intelligence Units
The Egmont Group of Financial Intelligence Units is an international organization that facilitates cooperation and intelligence sharing between national financial intelligence units (FIUs) to investigate and prevent money laundering and terrorist financing. National FIUs collect information on suspicious or unusual financial activity and are responsible for processing and analyzing the information received. FIUs are normally not law enforcement agencies themselves, findings are shared with appropriate law enforcement or prosecution bodies if sufficient evidence of unlawful activity is found. The Egmont Group is headquartered in Toronto, Ontario, Canada. History The Egmont Group was formed in 1995 as an informal network of 24 national FIUs, taking its name from the Egmont Palace in Brussels where the group's founding meeting took place. The Egmont Group Secretariat established its permanent headquarters in Toronto on 15 February 2008. The Secretariat also maintains additional of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2004 Establishments In Nigeria
4 (four) is a number, numeral and digit. It is the natural number following 3 and preceding 5. It is the smallest semiprime and composite number, and is considered unlucky in many East Asian cultures. In mathematics Four is the smallest composite number, its proper divisors being and . Four is the sum and product of two with itself: 2 + 2 = 4 = 2 x 2, the only number b such that a + a = b = a x a, which also makes four the smallest squared prime number p^. In Knuth's up-arrow notation, , and so forth, for any number of up arrows. By consequence, four is the only square one more than a prime number, specifically three. The sum of the first four prime numbers two + three + five + seven is the only sum of four consecutive prime numbers that yields an odd prime number, seventeen, which is the fourth super-prime. Four lies between the first proper pair of twin primes, three and five, which are the first two Fermat primes, like seventeen, which is the third. On the other ha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nigerian Intelligence Agencies
Nigerians or the Nigerian people are citizens of Nigeria or people with ancestry from Nigeria. The name Nigeria was taken from the Niger River running through the country. This name was allegedly coined in the late 19th century by British journalist Flora Shaw, who later married Baron Frederick Lugard, a British colonial administrator. ''Nigeria'' is composed of various ethnic groups and cultures and the term Nigerian refers to a citizenship-based civic nationality. Nigerians derive from over 250 ethnic groups and languages.Toyin Falola. ''Culture and Customs of Nigeria''. Westport, Connecticut, USA: Greenwood Press, 2001. p. 4. Though there are multiple ethnic groups in Nigeria, economic factors result in significant mobility of Nigerians of multiple ethnic and religious backgrounds to reside in territories in Nigeria that are outside their ethnic or religious background, resulting in the mixing of the various ethnic and religious groups, especially in Nigeria's cities.Toyin Fa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Organizations Based In Lagos
An organization or organisation (Commonwealth English; see spelling differences), is an entity—such as a company, an institution, or an association—comprising one or more people and having a particular purpose. The word is derived from the Greek word ''organon'', which means tool or instrument, musical instrument, and organ. Types There are a variety of legal types of organizations, including corporations, governments, non-governmental organizations, political organizations, international organizations, armed forces, charities, not-for-profit corporations, partnerships, cooperatives, and educational institutions, etc. A hybrid organization is a body that operates in both the public sector and the private sector simultaneously, fulfilling public duties and developing commercial market activities. A voluntary association is an organization consisting of volunteers. Such organizations may be able to operate without legal formalities, depending on jurisdiction, incl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Finance In Nigeria
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of financial economics bridges the two). Finance activities take place in financial systems at various scopes, thus the field can be roughly divided into personal, corporate, and public finance. In a financial system, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. A broad range of subfields within finance exist due to its wide scope. Asset, money, risk and investment management aim to maximize value and minimize volatility. Financial analysis is viability, stability, and profitability assess ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
