The announcement of a stakeholders summit on anti-money laundering and Countering Financing of Terrorism - being sponsored by more than 200 participants from Financial Institutions and Designated Non-Financial Institutions as well as officials of regulatory and supervisory agencies at Transcorp Hotels, Abuja this week - comes at a very inauspicious time for me. Inauspicious because I am already writing a handbook on ways that the Nigerian politician could easily launder his loot, successfully and effectively hiding them from Nuhu Ribadu and his men in the EFCC.
One may ask why I would help
I am very much against corruption. I have hailed Ribadu as the
However, I would confess to a certain perverted pride whenever I see
Take this example from The Laundrymen by Jeffrey Robinson: "For anyone confident enough to trust his cash to the evolving nations of
Therefore, It is disheartening to note that while the Nigerian 419 street kid have been internationally acclaimed as smart crooks, our supposedly educated state governors are still being caught pants down at Heathrow airport with millions of pounds in cash.
While the street kids are always one step ahead of international anti money laundering technology, keeping in step with advances in technology and communications; the financial infrastructure that has developed into a perpetually operating global system in which "megabyte money" can move anywhere in the world with speed and ease. What with the offshore financial centres and bank secrecy jurisdictions as a key part of the global system with distinct but complementary and reinforcing components, many of which are readily amenable to manipulation by criminals. The Nigerian politicians - state governors' still manifests abject stupidity and foolishness by following the crude but primitive method for laundering dirty money - the physical movement of banknotes using cash couriers and bulk cash smuggling and the acquisition of properties.
To illustrate what I mean:
Mr Alamieyeseigha earns less than $1,000 a month as a governor, yet the governor of the oil-rich Nigerian Bayelsa state appeared in a
Gov. Joshua Dariye used one Emma Orji, a Nigerian resident in
In July of 2000, Gov. Joshua Dariye wrote a letter to the office of the Vice-President demanding about three billion naira for ecological purposes. The Vice-President's office approved the sum of one billion, one hundred and sixty-one million naira for
In his testimony to the Plateau State House of Assembly Committee, Ibrahim Lamorde of the EFCC said that Gov. Dariye was arrested by the Metropolitan Police in
In 2000, the following sums of money were electronically transferred from AllStates Trust Bank into yet another Dariye bank account in London: thirty-three thousand, six hundred and fifty pounds (₤33,650.00); twenty-eight thousand, nine hundred pounds (₤28,900.00); twenty-eight thousand, nine hundred pounds; and (₤28,900.00). The sum of twenty-nine thousand, nine hundred and twenty-five thousand pounds (₤29,925.00) was transferred to one of Dariye's bank account in
Gbenga Obasanjo- the son of the president - was therefore wrong when he opined that smart crookswould never be caught by the EFCC. For even the governor of
Space and time would fail me if I go on about Peter Odilli, Sani Yerima, Rotimi Amaechi etc, etc.
Ill-gotten wealth or "Dirty money" is of little use because it raises the suspicions of law enforcement and leaves a trail of incriminating evidence. Criminals who wish to benefit from the proceeds of large-scale crime have to disguise their illegal profits without compromising themselves. This process is known as money laundering.
It's worse for Nigerian politicians because the Swiss Banks are no more safe havens. According to reports the Swiss government is concerned that the past Nigerian leaders at all tiers of government had caused their country serious image problems through their money laundering activities in
For Nigerian corrupt politicians to use their wealth without any fear of Ribadu therefore, their illegal or dirty money would have to be put through a cycle of transactions or washed so that it comes out the other end as legal or clean money. In order words, the source of the illegally obtained funds is obscured through a succession of transfers and deals in order that those same funds can eventually be made to reappear as legitimate income.
To be continued...