UK banks 'aided Nigeria corruption'
source: http://bit.ly/aKgLgk
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High street banks in the United Kingdom could have helped fuel corruption in Nigeria by accepting millions of dollars in deposits from dubious politicians in the west African nation, an international corruption watchdog said.
In a 40 page report released on Sunday, Global Witness said that five leading banks have failed to adequately investigate the source of tens of millions of dollars taken from two Nigerian governors accused of corruption.
"Banks are quick to penalise ordinary customers for minor infractions but seem to be less concerned about dirty money passing through their accounts," Robert Palmer, a campaigner at Global Witness, wrote on the group's website.
"Large scale corruption is simply not possible without a bank willing to process payments from dodgy sources, or hold accounts for corrupt politicians."
Global Witness acknowledged that in accepting the money, Barclays, NatWest, Royal Bank of Scotland (RBS) and HSBC, as well as Switzerland's UBS, might not have broken the law, but noted that the Financial Services Authority (FSA) must do more to prevent money laundering through British banks.
In a 40 page report released on Sunday, Global Witness said that five leading banks have failed to adequately investigate the source of tens of millions of dollars taken from two Nigerian governors accused of corruption.
"Banks are quick to penalise ordinary customers for minor infractions but seem to be less concerned about dirty money passing through their accounts," Robert Palmer, a campaigner at Global Witness, wrote on the group's website.
"Large scale corruption is simply not possible without a bank willing to process payments from dodgy sources, or hold accounts for corrupt politicians."
Global Witness acknowledged that in accepting the money, Barclays, NatWest, Royal Bank of Scotland (RBS) and HSBC, as well as Switzerland's UBS, might not have broken the law, but noted that the Financial Services Authority (FSA) must do more to prevent money laundering through British banks.
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- tags:
- Corruption, United Kingdom, Nigeria, West Africa, 2 more
