On July 11, 2024, Saleh Mamman was remanded in prison on 12 counts of money laundering. He was arraigned by the EFCC over an alleged N33.8 billion (~$20.8 million) case involving funds from the Zungeru and Mambilla Hydro Electric Power Projects.
To know more: https://www.fcctimes.com/2024/07/11/ex-minister-of-power-saleh-mamman-remanded-over-n33-8-billion-money-laundering-charges/?utm_source=websiteText&utm_medium=FCCPOI23Jul24
On May 30, 2024, the European Union Council published a package of legislative proposals to strengthen the EU’s rules on anti-money laundering and countering the financing of terrorism (AML/CFT).
The EU AML Package consists of:
• Sixth Anti-Money Laundering Directive:
• Organizes national authorities to combat money laundering and terrorism financing.
• Creates Centralized Bank Account Registers for single access point data
• Harmonizes the format of bank statements for better tracing and confiscating crime proceeds.
• EU "Single Rulebook" Regulation:
• Harmonizes anti-money laundering rules across the EU.
• Includes new entities like crypto-sector, luxury goods traders, football clubs, and agents.
• Sets EUR 10,000 limit on cash payments
• Imposes stricter due diligence standards and regulates disclosure of beneficial ownership.
• Anti-Money Laundering Authority:
• Based in Frankfurt, it will have supervisory powers over...
