Saturday, September 24, 2022

Africa

Money Laundering Seen a High Risk Threat for South African Banks

South Africa’s banking regulator said there is a high risk of money laundering and terrorist financing activity in the industry, citing the extensive use of cash and exposure to overseas lenders. The Prudential Authority of the South African Reserve Bank in a...

South Africa: President Ramaphosa to face subpoena over Phala Phala farm scandal

South Africa’s corruption watchdog has said it will invoke subpoena powers to get answers from President Cyril Ramaphosa over the alleged concealment of a theft at his luxury farmhouse. On Tuesday, the Public Protector’s Office said a deadline for Ramaphosa...

Kenya seizes $56.7 million from pan-African payment solutions firm Flutterwave over suspicious transactions

Kenyan authorities have frozen the financial assets of Flutterwave after filing criminal charges against the pan-African payment solutions firm. The firm was accused of conducting suspicious transactions and failing to comply with financial regulations in Kenya, The Star in Nairobi reported,...

Tunisian opposition leader faces money laundering allegations

Tunisia's main opposition leader Rached Ghannouchi has been summoned by a judge over money laundering allegations, his Ennahda party said on Wednesday, accusing the authorities of targeting him for political reasons. The July 19 summons is to answer questions about...

Nigerian senator jailed seven years for money laundering

Senator representing Delta North Senatorial District at the National Assembly, Peter Nwaoboshi, has been sentenced to seven years imprisonment. Nwaoboshi was sentenced to jail on Friday by the Lagos Division of the Court of Appeal. The court also ordered that his...

Macmillan Nigeria Publisher Charged With $156,700 Fraud

The Economic and Financial Crimes Commission (EFCC) has charged Macmillan Nigeria Publisher, Adesanya Adelekan, and one Bola Fasasi with $156,700 book fraud. The News Agency of Nigeria (NAN) reports that EFCC arraigned Mr Fasasi on Monday in Lagos and said that...

U.K. Regulator FCA Fines Ghana International Bank $7.1M for Weak Anti-Money-Laundering Controls

The U.K.'s Financial Conduct Authority (FCA) said Thursday that it fined U.K.-based Ghana International Bank PLC about GBP5.8 million (US$7.1 million), for alleged failures in its anti-money-laundering and counter-terrorist-financing controls in relation to its correspondent-banking activities. By using correspondent-banking relationships,...

Tunisian police arrest ex-prime minister Jebali on suspicion of money laundering

Tunisian police on Thursday arrested former Prime Minister Hamadi Jebali, who is also a former senior member in the Ennahda Islamist party, on suspicion of money laundering, his lawyer told Reuters. Police in the city of Sousse seized Jebali's phone...

Nigeria loses $1.7 billion claim against JP Morgan Chase in Malabu oil case

Nigeria on Tuesday lost its $1.7 billion claim against JP Morgan Chase Bank over the transfer of proceeds from the sale of OPL 245 in the controversial Malabu oil deal. Judge Sara Cockerill ruled Tuesday that the Nigerian government couldn’t...

Nigeria: Ex-Governor Arrested Over Accountant-General’s 80 Billion Naira Probe

The Economic and Financial Crimes Commission has arrested former Governor Abdulaziz Yari in connection with the agency’s ongoing investigation of the suspended Accountant-General of the Federation, Ahmed Idris. Mr Yari, a former governor of Zamfara State, was arrested on Sunday at his...

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