A new report by an international watchdog, Global Witness, has accused banks in the United Kingdom of encouraging corruption in Nigeria and some other countries.

The report listed the banks as Barclays, NatWest, UBS, and HSBC. It said this had raised questions about their commitment to tackling financial crime.

The watchdog said the banks had been helping politicians to keep funds stolen from their countries. This was in spite of their indictment in the laundering of funds stolen from Nigeria by former dictator, Gen. Sani Abacha, in the 1990s.

It also outlined how both former governors and their suspected accomplices moved money from Nigeria to these banks.

The report demanded an end to the acceptance of ‘dirty money’ by UK banks.

“Without access to the international financial system, it would be much harder for corrupt politicians from the developing world to loot their national treasuries or accept bribes. By taking money from such customers, British banks are fuelling corruption, entrenching poverty and undermining international development assistance.

“Global Witness has found that Barclays, HSBC, RBS, NatWest and UBS held accounts for two former Nigerian state governors, Diepreye Alamieyeseigha of Bayelsa State and Joshua Dariye of Plateau State. These men funnelled dirty money into the UK, spending their ill-gotten gains on sustaining a luxury lifestyle, in stark contrast to the poverty of ordinary Nigerians.

“The Nigerian government took the governors to court in London to recover their illicit assets. The cases were successful and British judges ordered their UK assets to be returned.”

The report said the banks were supposed to have tightened up their procedures since the Abacha saga, adding that its investigation revealed that they had not done enough.

It urged the UK regulator, the Financial Services Authority, to “do much more to prevent banks from facilitating corruption. As yet no British bank has been publically fined, or even named, by the regulator for taking corrupt funds, whether willingly or through negligence.”

It said this was in ‘stark contrast’ to the United States where banks had been fined hundreds of millions of dollars for handling dirty money.

“The FSA is due to be abolished next year. Whichever organisation takes over regulating the banking sector must take corruption seriously.

“Banks that accept corrupt funds should be named, and if it is found that they acted negligently, heavily fined. Banks also needed to be provided with more information about how to spot corrupt money,” the report said.

Global Witness noted that the UK had centered its aid to poor countries on budget cuts while its banks were sustaining practices that were inimical to development assistance.

i really do not know where i stand on this issue.

Are they trying to criminalise politicians who choose to have foreign bank accounts even if they satisfy whatever set guidelines??
What about wealthy citizens who can afford to own accounts and properties who then decide to venture into politics??

Now, i have no qualms with vetting people who choose to open foreign accounts but i wonder how they are going weed out the rogues.

Bankole, Ibori and their accomplices are all british passport holders. So opening accounts is pretty much easy for them.
is this British govt going to subject future political offical holders with british or maerican passports to stricter (financial) terms?? This i higly doubt. May I am wrong.

Foolish Nigerians will say the watchdog is lieing and try to exonorate the banks.

LouisThoru:

Foolish Nigerians will say the watchdog is lieing and try to exonorate the banks.

C'mon maaaan
Is there something you are not telling us??

The watchdog did an investigation and then published its findings.
Depending on what side of the spectrum you look at it there will be blames apportioned.

If there are no flags (credit check) raised at the time of opening the account, the banks will gladly take the money.

Like i pointed out before, most, if not all of the thieving politicians and bankers are also citizens of some other countries.
Should they subjected to even more stringent checks on arrival at the bank with a british or american passort??
I'm sure you know what the answer is especially if there are no raised flags on their accounts/names.

^^^for those that are not citizens,

how did they credit check them?

i think its all about the money. . . .

r231:

^^^for those that are not citizens,

how did they credit check them?

i think its all about the money. . . .

It is easy to open accounts if you have a compnay (albeit, a sewing school) family living in those countries.
Atiku has a family in Switzerland and i believe a school(i stand corrected) there as well, so it'll be easy for him to siphon funds to his so called company and/or even himself.

All he has to do is claiim he is sending his family money.

Honestly, there are different avenues

you are right

CBN, its your call