TOP NEWS $9.3m: SERAP demands sanctions against FG

Socio-Economic Rights and Accountability Project has petitioned Mr. Roger Wilkins, President, the Financial Action Task Force, urging him to "urgently use your good offices and leadership to investigate admission by the government of Nigeria that it hired a private jet to convey $9.3m in cash to procure arms from South Africa."

The organisation also asked Wilkins to "consider this admission in light of FATF standards on transportation of cash across borders, and to consider applying any appropriate sanctions and measures to deter this practice in the future."

In the petition dated September 19, 2014 and signed by SERAP executive director Adetokunbo Mumuni, it said, "Under the mandatory FATF Special Recommendation IX, jurisdictions including Nigeria are required to implement measures to detect and prevent the physical cross-border transportation of currency. The FATF has considered this as one of the main methods used to move illicit funds, launder money and finance terrorism.

"The FATF has considered the act of concealing/smuggling currency in order to evade crosses reporting requirements as a widely recognised red flag indicator for illicit activity which is worthy of independent criminal sanctions."

According to SERAP, "As the global standard setting body for anti-money laundering and combating the financing of terrorism, FATF is best positioned to look into the matter. Nigeria is also a member of FATF.

"We believe that this action by the government poses a risk to the integrity of the international financial system. Therefore, your prompt action in this matter would help to protect the international financial system from money laundering and financing of terrorism risks and to encourage greater compliance with the anti-money laundering standards.

"Should the government fails and/or neglects to do comply with the FATF standards, we urge the FATF to subject it to a targeted follow-up process and require the government to report back to the FATF on a regular basis until these recommendations are fully implemented."

It quoted the FATF as saying, "the Special Recommendation IX aims to ensure that terrorists and other criminals cannot finance their activities or launder the proceeds of their crimes through the physical cross-border transportation of currency and BNI. Thus, the FATF has set some minimum thresholds and requirements for states such as Nigeria to comply with, including the disclosure/declaration obligations. This applies to all physical cross-border transportations of currency from one jurisdiction to another."
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