Since the apc government have took power things have become from fry pan to fire....

AWON EXECUTIVE BASTARDS
I believe Bello of kogi state is among dem


United States Senate Homeland Security and Governmental Affairs Committee
Permanent Subcommittee on Investigations
Investigations Subcommittee Holds Hearing on Keeping Foreign Corruption Out of the United States: Four Case Histories
Thursday, February 4, 2010
WASHINGTON – Corrupt foreign officials and their relatives have used gaps in U.S. law and the assistance of U.S. professionals to funnel millions of dollars in illicit money into the United States, an investigation by the Senate’s Permanent Subcommittee on Investigations has found.

“For the United States, which has so much riding on global stability, corruption is a direct threat to our national interest,” said Sen. Carl Levin, D-Mich., subcommittee chairman. “That’s why the United States is engaged in a relentless, worldwide battle to stop the flow of illegal money into and within places like Iraq and Afghanistan. Laundered money is used to train and provide support for terrorists and terrorism. If we want to credibly lead efforts to stop illegal money abroad, we’ve got to stop it here at home as well.”

A 330-page bipartisan report to be released by Levin and subcommittee ranking member Sen. Tom Coburn, R-Okla., at today’s hearing shows that politically powerful foreign officials, and those close to them, have found ways to use the U.S. financial system to protect and enhance their ill-gotten gains. The report exposes how those powerful individuals – known internationally as “politically exposed persons” or PEPs – have used the services of U.S. lawyers, lobbyists, real estate and escrow agents, and other professionals who currently have no obligation under U.S. regulations to establish anti-money laundering (“AML”) programs, know their customers, or evaluate the source of funds transferred into the United States. Banks, in contrast, are subject to AML obligations and for the most part have honored them. But glaring gaps have undermined the overall effectiveness of U.S. AML laws.

Four Case Histories. The report presents four case histories, each with multiple stories exposing the tactics being used by PEPs to use our financial system to protect and enhance their illicit funds. They include the following:

• $110 Million. Teodoro Obiang, the 40-year old son of the President of Equatorial Guinea, is currently under investigation by the Justice Department for corruption and other misconduct. Between 2004 and 2008, Mr. Obiang used U.S. lawyers, bankers, and real estate and escrow agents to move more than $110 million in suspect funds through U.S. bank accounts, including $30 million to purchase a residence in Malibu and $38.5 million to purchase an aircraft.

• Third Party Accounts. Mr. Obiang used shell company, attorney-client, and law office accounts controlled by his attorneys to bring suspect funds into the United States and conduct transactions through U.S. banks without their knowing of his activity, including at banks that had made it clear they did not want his business.

• Lost Escrow Business. An escrow agent who refused to complete the purchase of a $38.5 million Gulfstream jet without information on the source of the funds being supplied by Mr. Obiang, lost out to a competitor willing to complete the transaction with no questions asked.

• $18 Million Through Lobbyist Account. Omar Bongo, President of Gabon for 41 years until his death last year, and his eldest son, Ali Bongo, Minister of Defense until he took his father’s place as President of the country, amassed substantial wealth while in office, amid the extreme poverty of its citizens. In 2006, $18 million in funds from Gabon were wired to the U.S. corporate bank accounts of a U.S. lobbyist who then distributed the funds within the United States and across the globe as directed by President Bongo in connection with two projects to support his regime, buying U.S.-made armored cars and C-130 military cargo planes. Among the funds the lobbyist distributed was $9.2 million which he wire transferred to an account for President Omar Bongo – not in Gabon – but in the country of Malta.

• $1 Million Shrink Wrapped. In 2007, President Omar Bongo brought $1 million in shrink-wrapped $100 bills into the United States under cover of diplomatic immunity without declaring the cash to U.S. authorities as required by law. His daughter, who told her bank that she was an unemployed student, deposited the cash in a U.S. safe deposit box and later into her bank account.

• U.S. Trust Accounts. President Ali Bongo’s wife formed a U.S. trust under her maiden name, and used the trust to open U.S. bank and securities accounts in California.

• [url] Offshore Wire Transfers. Jennifer Douglas, a U.S. citizen and the fourth wife of Atiku Abubakar, former Vice President and former presidential candidate in Nigeria, helped her husband bring more than $40 million in suspect funds into the United States from 2000 to 2008, through wire transfers from offshore corporations. The Securities and Exchange Commission has alleged in a 2008 civil complaint that Ms. Douglas received $2.8 million in bribe payments from a German conglomerate, Siemens AG, which has acknowledged making the payments.

[/url]• Arms Dealer. Pierre Falcone, a notorious Angolan arms dealer with a history of run-ins with the law and who is currently serving a 6-year prison sentence, had open access to more than 30 U.S. bank accounts in Arizona for 18 years.

• Central Banker. Aguinaldo Jaime, former head of the Central Bank of Angola, tried twice to transfer $50 million in Angolan government funds to a private account in the United States, only to have the transfers reversed by U.S. financial institutions who became suspicious. The corruption concerns raised by his actions caused Citibank to close all accounts for Angolan government agencies and to close down its office in Angola.

• Private Angolan Bank. Banco Africano Investimentos (“BAI”), a $7 billion private Angolan bank which caters to PEPs, gained access to the U.S. financial system through HSBC in New York, despite troubling information about its ownership and failure to provide a copy of its anti-money laundering policies and procedures.

Recommendations. To combat the abuses, the report makes several recommendations, including:
•World Bank PEP Controls. Implementing stronger controls on PEP accounts as laid out in a recent World Bank report, including by requiring banks to use reliable databases to screen clients for PEPs, requiring beneficial ownership forms for bank accounts so hidden PEPs are exposed, and conducting annual reviews of PEP accounts to detect suspicious activity.
•Beneficial Owners. Requiring U.S. corporations to identify their beneficial owners, in order to thwart the use of shell companies with hidden PEP owners.
•Ending Exemptions. Ending the exemptions Treasury granted in 2002 to the Patriot Act’s anti-money laundering requirements, so that real estate and escrow agents will have to know their customers, evaluate the source of their funds, and turn away suspect clients. Also requiring Treasury to instruct banks to subject attorney-client and law office accounts to greater oversight and stop their use to shield PEPs from scrutiny.
•Immigration and Visa Criteria. Toughening immigration and visa rules to make foreign corruption a legal basis for barring entry into the United States and for removing PEPs already here. Increasing law enforcement support for Presidential Proclamation 7750 to identify corrupt foreign officials who should be barred from the United States.
•Stronger FATF Recommendations. Encouraging U.S. professional organizations to issue anti-money laundering and anti-corruption guidance to their members.

“Stopping the flow of illegal money is critical, because foreign corruption damages civil society, undermines the rule of law, and threatens our security,” said Levin.
Media Contact
Tara Andringa, 202/228-3685
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•U. S. Practices Contributing to Foreign Corruption
•Shell Companies


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Make Rochas carry him own take build more statue for Zuma

There is anxiety in their eyes because half of the paris club money will disappear to their pot-bellies as usual..

but one day, black monkey go go market, he no go return to its nest...yawa go burst for thief-thief govs.

divinehand2003:
Lol

If only the oyibo man knew what these pot bellied negros called governors would squander this cash on, they would never bother themselves with us anymore.

You fool calling your self a negro shame on you

NwaAmaikpe:


Nah,
More like expecting World Bank special assistance to the Northern States.

Those are all governors of Northern States.

---

Just kidding;
They are watching Small Doctor's viral masturbation video.

oooh u re back ,hope u have learnt ur lesson in a hard way.
only few nairalanders can understand me

Meanwhile guys check out my profile for your extender products

Esepayan:


You fool calling your self a negro shame on you

What is he? Caucasian?

Y can't there plane just crash?

100% correct

Samusu:
Couldn't stop laughing at this picture after coming across it on a friend's Facebook page.

Can't you see that they're chatting with their bìtches?

this is serious... see their rat teeth

pocohantas:
They are texting their side chicks. The girls have to be aware they have touch down...

You suck at politics.

TimeMod1:
You suck at politics.

This is the jokes section...the topic is also a question.
oversabi!

They were checking their group chat 2 c how much each state were sharing and how to give consultants peanuts

divinehand2003:
Lol

If only the oyibo man knew what these pot bellied negros called governors would squander this cash on, they would never bother themselves with us anymore.

You think they don’t know? Of course they do. They are only mocking us, because they know in the end, the funds will be squandered

[s][/s]

NwaAmaikpe:


Nah,
More like expecting World Bank special assistance to the Northern States.

Those are all governors of Northern States.

---

Just kidding;
They are watching Small Doctor's viral masturbation video.

[s][/s]

Initially the picture is meant for funny
But you are doing your best to make a trabalism statement. With people like you Nigeria never grow

so it has become personal account abi, continue your nonsense

And d tin go skrrrrrrrrrrrrrrrpka�

empty brain,s eating our oil money,unproductive parasites, gush.

pocohantas:

This is the jokes section...the topic is also a question. oversabi!

whatever....You suck still & you know it. Stay put in romance, I'll always see you there. Lol

hahahahah.

malware:
That moment when month is about to end and expectations are high.....

Employed Nairalanders can relate

The case s different for kogi workers, their salaries come like d flash of the lightening, u dnt knw wen, or hw it comes....

NwaAmaikpe:


Nah,
More like expecting World Bank special assistance to the Northern States.

Those are all governors of Northern States.

---

Just kidding;
They are watching Small Doctor's viral masturbation video.

Omale ni o

TimeMod1:
[s]whatever....You suck still & you know it.
Stay put in romance, I'll always see you there. Lol[/s]

This is the jokes section, not politics. I am sure you didn't know that when rushed to sound smart...
You can't tell me the sections to visit. Don't be slow.