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EU blacklists Nigeria, others for abetting money laundering, funding terrorism

EU blacklists Nigeria, others for abetting money laundering, funding terrorism

The European Union Commission has listed Nigeria as one of the countries and territories that have strategic deficiencies in their anti-money laundering and counter-terrorism financing.

Nigeria is the base of operation for one of the most violent terrorist groups in the world – Boko Haram. The sect has been operating in the country for the past 10 years with logistical and financial backing from unknown donors.

In addition to terror funding in Nigeria, the nation is riddled with corruption and money laundering that is prevalent among politicians and affluent individuals in the society.

Although Nigeria leads the charge in Africa, other countries blacklisted from the continent include Ethiopia, Ghana, Libya, Botswana and Tunisia.

Four United States territories also made the list —  American Samoa, US Virgin Islands, Puerto Rico and Guam.

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Other listed countries include Panama, Saudi Arabia, Afghanistan, North Korea,  Iran, Iraq, Pakistan, Sri Lanka, Syria, Trinidad and Tobago, Yemen, Samoa, and the Bahamas.

Being included in the list comes with a reputational damage, and if approved by the 28-member countries of the EU, it means that financial transactions from the affected countries will be double-checked before it is approved across all banks within the EU.

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