saxywale:

They don't keep it there, they usually transfer it into the said account from Nigeria (PLACEMENT), then quickly withdraw it in cash bit by bit from the embassy's account, then it can be used in buying houses and luxury items (LAYERING). They can now sell this items by telling the buyer to pay the money into a personal account, then it would seems as if the money is gotten by legitimate means i.e sale of properties (INTEGRATION), thereby concealing the original source of the money.

It's not common to use embassies to launder money but trust Nigerians to be very creative when it comes to fraud. The US authorities have done a good job by beaming their search light on embassies. Only God knows how much would have been laundered through this means before it was discovered.

ifihearam: Those of you praising the US I shake my head in chinese for you guys. The Nigerian embassy represents the entity nigeria in the US,I repeat they have no justifiable rght whatsoever to freeze the account of a country. Cn they tru that rubbish witj the UK or Russia
If a diplomat withdraws 50k in a day what's wrong with that,abeg they should just tell us their ulterior motives rather than trying to play smart.

Billyonaire: What are you talking about ? You could tell me its against US policy that one can not withdraw up to that in their country, but $50k is not money, business owners withdraw 5 times of that daily in Nigeria.

queensmith:

lol- but i mean the funds in general. Even if it wasn't used for illegitimate purposes. Doesn't it make more sense to keep the money in a nigerian bank, why are they keeping the money with all these big names that have nothing to do with us?

ifihearam: The US might be world power but they know where their honey pot is,do you guys know how much the US makes from Nigeria daily?I leave that for you to figure out.

queensmith:

lol- but i mean the funds in general. Even if it wasn't used for illegitimate purposes. Doesn't it make more sense to keep the money in a nigerian bank, why are they keeping the money with all these big names that have nothing to do with us?

justwise:

Who do we ask? I take that as made-up story.

Can i just remind you that US is not China or Singapore, they have different banking rules and laws.

1supremo: Dear USA,
Seize the money and increase Nigeria's quota for DV lottery 2014.
Thanx in anticipation of your acquiescence in my plea.
9ice move bros
Yours faithfully,
Voice of Nigeria

Billyonaire: Nigeria does not have sound investment banking, like brokerage and Money Market accounts where your money yields reasonable interests, instead, our banks keeps taking service charges and other hidden sundry charges. In US another advance economies, money yield great interest in MMA and brokerage account, then Time Account, and even certificate of deposit accounts, banks trades with the funds on certain specified tenures and pay excellent interests, its why people legitimately like the lodge their funds abroad, but trust America, when you wanna repartriate your funds bank, wahala don start, they introduce taxes that take your money away, and any attempt to use underground alternatives to get your cash out of their system, they call it Money laundering, and they freeze and seize your money. Bad people.

saxywale:

Maybe they feel Nigerian banks could collapse, same reason why people keep money in Swiss banks. Safety first... ! you might also want to ask James Ibori

olaposer: I can only pity those of u praising us u can see what I am seeing, they know how how to make best out of urgly situation ,they rather have their own agenda and moreso what concerne they about how we spend our money we are ibdependent. They should rathe mind their own bizness who in the world can freeze their own account. When they choose to spend billions of dollars to build weapon to destroy the wolrd? And that's why they continued making enemy everyday,they are pretenders and rome was not built in a day

queensmith:

makes sense, then again how will Nigeria have sound investment banks when everybody is taking their money to wells fargo? Besides in a democracy should the government be gambling with the nations money? lol. Isn't there as much of a chance of losing your investment as there is yielding interest? The embassy's allowance should be intended for spending, not for saving, gambling and wot not, they can keep that money in Nigeria? No?

ochukoccna: In rejecting the federal government's request, a source in the State Department was quoted as saying, "The Nigerian embassy was unable to respond to requests for clarification about payments and transactions into the account and there are reasonable grounds to believe that the accounts are being used as channels for money laundering and other financial crimes

For all those spitting America did wrong, the above is the reason they took their actions
Everyone [with the sense of a goose] knows America takes money laundering seriously especially after 9/11
Let us not forget Nigeria is now a center for Al Qaeda Islamic fundamentalism

Many countries have ways of going under the banking radar for such transactions[e.g. for spying ,let Nigeria learn how such is done discretely]
But we all know the money wasn't intended for such purposes as the above

Billyonaire: I am not speaking for the government, and I am not speaking for the illegals, I am speaking from the legitimate businessmen point of view. The politicians keep their loot abroad because they are afraid of the anti-graft agencies. Government keep their funds in stable economic climes to avoid domestic economy inflationary forces. I am not in government, I cant elaborate that. But, a businessman, has the right, to keep his money where ever he finds stability and he can gamble with it using the foreign exchange firms, thats why you hear so much about forex.

queensmith:

yes of course i agree. A business man can do what he likes with his money. But a government should be obliged to be patriotic with everything. including the accounts they keep abroad. It should all strictly involve nigerians, nigerian banks nigerian businesses, nigerian consultants accountants cleaners sovereign experts wot not wot not. lol!

ismhab: SEE HOW GOODLUCK EBELE IS LOOTING AND LAUNDERING MONEY ABROAD.

youngies: Nigeria and the United States of America government might be heading for a diplomatic row over the decision of the latter to freeze some of the accounts of the country's embassy in Washington, DC.

Bank of America, M&T Bank and Wells Fargo received directive from the US government to close the accounts of the Nigerian embassy in Washington and its consulate in New York on suspicion of money laundering after traffic on the various accounts raised a red flag.

The decision is sequel to intelligence report generated by a panel comprising representatives of the US Department of Justice, the Federal Bureau of Investigations (FBI) and the Department of Treasury, unknown to Nigerian embassy officials, to monitor wires and traffic in all the accounts operated by the embassy.

A credible online website http://www.huhuonline.com/ had reported yesterday that the US on Wednesday vowed to ignore a request by the federal government urging Bank of America and Wells Fargo to unfreeze Nigerian embassy's bank accounts in Washington, DC, and New York.

The move, according to sources, is setting the stage for a potential showdown between the two countries with Nigeria also threatening to reciprocate by freezing the US embassy's accounts in the country.

The online media stated that about $3.6 million dollars was said to have entered and left the accounts in under a month, the latest transaction being the withdrawal of $50,000 in hard cash by a top embassy staff.

In rejecting the federal government's request, a source in the State Department was quoted as saying, "The Nigerian embassy was unable to respond to requests for clarification about payments and transactions into the account and there are reasonable grounds to believe that the accounts are being used as channels for money laundering and other financial crimes.''

The source, who said the move was not targeted at the country's embassy alone, told the online news blog that the embassies of two other unnamed African countries were affected by the freeze.

More: http://channelkoos.com/index.php/news/1782-money-laundering-us-govt-freezes-nigerian-embassys-accounts

Aguna: Brothers and sisters. The minister of external affairs should issue a press conference as regards that case. More over i feel protocols are being broken in these heavy withdrawals at the embassy, so lets allow those most affect at the embassy comment.

Billyonaire: So back to the thread, USA policies as it relates to Nigeria, as of late, has not been fair, from incessant warnings to their citizens of insecurities, to reducing purchases of Nigerian crude, to freezing account of embassies and the refusal of visa issuance to even our stars. They are also not unconnected with campaign of calumny, CIA stated that Nigeria will cease to exist by 2016, these are all mind control mechanisms that does not show they care about the unity of Nigeria, whatever displeasure they have with the name Nigeria, should be heard, we as a people, need to understand that we are unloved by the West, this has always been glare with their IMF and WorldBank policies of keeping us perpetually on credit facilities to ruin our economy. America doesnt like Nigeria. Thats my personal opinion.

Aguna:
Brother lets be factual; Do we think 95% of nigerians are patriotic including our leaders now and ones yet to come, do you think Nigeria can still be one? The earlier the heat comes from outside to tell us that we can be one the better.

Billyonaire: Young man, I have withdrawn over $50k in USA before, you just have to book for it and explain what the funds is used for, its high time you guys stop adoring USA, go to China, go to Singapore, these places are economically more vibrant than USA, China is ruling the world economy and I dare say, USA is hating Nigeria and Nigerians.

What are you talking about ? You could tell me its against US policy that one can not withdraw up to that in their country, but $50k is not money, business owners withdraw 5 times [/b]of that daily in Nigeria.

Billyonaire: Young man, I have withdrawn over $50k in USA before, you just have to book for it and explain what the funds is used for, its high time you guys stop adoring USA, go to China, go to Singapore, these places are economically more vibrant than USA, China is ruling the world economy and I dare say, USA is hating Nigeria and Nigerians.