- ML Risk Profile
--> Weak laws and Boarder Controls, Corruption, Lack of Enforcement, and Poor Socio-Economic Conditions
--> Major drug trans-shipment point center for criminal financial activity
Iligal Drug Proceeds:
Largely from foreign criminal activity rather than domestic activities.
ML schemes used by drug traffickers: Local Markets/ International Markets
- Importation of various commodities, predominantly luxury cars and other items such as textiles, computers, and mobile telephone units.
- Drug traffickers also use Nigerian financial institutions for currency transactions involving U.S. dollars derived from illicit drugs.
1. Proceeds from drug trafficking,
2. İllegal oil bunkering,
3. Bribery and embezzlement,
4. Advance fee fraud,
5. Contraband smuggling,
6. Theft, and
7. Financial crimes, such as bank fraud, real estate fraud, and identity theft.
Forms of ML:
1. Investment in real estate;
2. EFT using banks and Money Transfer Services- Wire transfers to offshore banks;
3. Political Party Financing (PEPS)
4. Deposits in foreign bank accounts;
5. Use of professional services (Gatekeepers), such as lawyers, accountants, and investment advisers
6. Cash smuggling.
Nigerian Criminals Aim:
1.To subvert international and domestic law enforcement efforts and
2.To evade detection.
ML ACTIVITIES OF NIGERIAN CRIMINALS IN NORTH CYPRUS:
Methods of Money Laundering
1. Bank- EFT- Smurfing/Structuring
2. Non-Bank Financial Institutions-Money Remitters and Money Exchange Houses
Nigerian Criminals do this by disguising the sources, changing the form, or moving the money to a place where it is less likely to attract attention.
ML Activity: EFT--> Smurfs---> From Country X---> To Nigeria- Nigerian Criminals
Deception is the heart of money laundering:
Deceiving authorities (local/international) by making funds/assets appear to have been obtained through legal means with legally-earned income or to be owned by third parties who have no relationship to the true owner.
Crime of Money Laundering:
Nigeria is paradise for money launderers; and so Nigerian smurfs are everywhere to launder illicit funds of those criminals.
Reference:
http://www.havadiskibris.com/haber/13352/kara-para-mercek-altinda.html
Forms of ML:
1. Investment in real estate;
2. EFT using banks and Money Transfer Services- Wire transfers to offshore banks;
3. Political Party Financing (PEPS)
4. Deposits in foreign bank accounts;
5. Use of professional services (Gatekeepers), such as lawyers, accountants, and investment advisers
6. Cash smuggling.
Nigerian Criminals Aim:
1.To subvert international and domestic law enforcement efforts and
2.To evade detection.
ML ACTIVITIES OF NIGERIAN CRIMINALS IN NORTH CYPRUS:
Methods of Money Laundering
1. Bank- EFT- Smurfing/Structuring
2. Non-Bank Financial Institutions-Money Remitters and Money Exchange Houses
Nigerian Criminals do this by disguising the sources, changing the form, or moving the money to a place where it is less likely to attract attention.
ML Activity: EFT--> Smurfs---> From Country X---> To Nigeria- Nigerian Criminals
Deception is the heart of money laundering:
Deceiving authorities (local/international) by making funds/assets appear to have been obtained through legal means with legally-earned income or to be owned by third parties who have no relationship to the true owner.
Crime of Money Laundering:
Nigeria is paradise for money launderers; and so Nigerian smurfs are everywhere to launder illicit funds of those criminals.
Reference:
http://www.havadiskibris.com/haber/13352/kara-para-mercek-altinda.html
