As the boko haram crisis lingers on in Africa most populous country,Nigeria,there are reports that the United States Justice Department has put some Nigerian banks under the searchlight, and may now be thinking of taken more action against those banks. This development came to light because of the recent levy of $9 billion imposed on BNP Paribas’ for violating U.S. sanctions. Other banks under the searchlight of United states includes ;Credit Agricole and Societe Generale of France , Germany’s Deutsche Bank AG, and Citigroup Inc’s Banamex unit in Mexico
According to Nigeria newspaper the Guardian.
“Specifically, in the case of Nigeria, there had been widespread suspicion that a few banks in the country may have compromised in helping to move funds for members of the Boko Haram sect.
There were fears recently that Nigeria may be blacklisted by international anti-money laundering watchdogs based in the U.S., over its inability to track the source of funds of the Boko Haram sect and curb terrorism financing in general.
Signals from Financial Action Task Force (FATF), the global standard setter for measures to combat money laundering, terrorist and proliferation financing, indicated that despite the earlier warnings to Nigeria on its non-compliance level, the country is yet to take any concrete step to stem the rising spate of financial crimes including terrorism financing, money laundering and corruption.
In its recent report, dated February 11, 2014, the FATF listed Nigeria among the countries that have not made significant progress in addressing the lacunas in their Anti-Money Laundering and Combating Terrorism Financing (AML/CFT) regimes. The agency advised the international financial community on the potential risks in the country.