NIGERIA
Well, there is no way around this one. Nigeria has been on this blog once before and will be again. Nigeria's problems extend far beyond money laundering, but money laundering is an issue.
With a weak central government, 419 fraud being the national sport and the country on the verge of a civil war between the largely Christian north and Muslim south, not to mention massive disparities in wealth because of oil wealth and corruption that is off the scale, it is not surprising that money laundering is an issue here as well. Like Haiti, however, the internal problems mean that very few people actually want to use Nigeria to deposit large amounts of cash because these can be traced by criminal and governmental authorities.
The money laundering that does occur, therefore, is usually on a smaller scale. Paradoxically, once again like Haiti, although the corruption and weak central government means that money laundering is easier than it would be in countries with a strong legal system and strong government, it is also far more risky. This means that money laundering is mainly done on a smaller scale to avoid detection. Usually detection by the government is not so much the issue as detection by gangs and criminal organizations, which will demand a cut of the action and a loss to the money launderers.
Also, the money coming out of Nigeria is suspect in many law enforcement organizations anyway, so it does not make sense to engage in large scale operations in Nigeria.
As always, have a great and fraud-free day.
http://www.tauskvega.com
Well, there is no way around this one. Nigeria has been on this blog once before and will be again. Nigeria's problems extend far beyond money laundering, but money laundering is an issue.
With a weak central government, 419 fraud being the national sport and the country on the verge of a civil war between the largely Christian north and Muslim south, not to mention massive disparities in wealth because of oil wealth and corruption that is off the scale, it is not surprising that money laundering is an issue here as well. Like Haiti, however, the internal problems mean that very few people actually want to use Nigeria to deposit large amounts of cash because these can be traced by criminal and governmental authorities.
The money laundering that does occur, therefore, is usually on a smaller scale. Paradoxically, once again like Haiti, although the corruption and weak central government means that money laundering is easier than it would be in countries with a strong legal system and strong government, it is also far more risky. This means that money laundering is mainly done on a smaller scale to avoid detection. Usually detection by the government is not so much the issue as detection by gangs and criminal organizations, which will demand a cut of the action and a loss to the money launderers.
Also, the money coming out of Nigeria is suspect in many law enforcement organizations anyway, so it does not make sense to engage in large scale operations in Nigeria.
As always, have a great and fraud-free day.
http://www.tauskvega.com
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