Featured Africa

HSBC fined over poor money laundering controls in South Africa

South Africa’s Prudential Authority (PA) has fined HSBC after it identified weaknesses in its anti-money laundering (AML) and counter terror funding (CFT) systems. The PA, which assesses the banking sector’s financial crime controls, looked at the bank’s ability to detect and report suspicious and unusual transactions. “The administrative sanctions were… Read More

UK: Serious Fraud Office sees execs jailed in $45m money laundering scam

Two Afren executives have been sentenced to a total of 30 years for a scheme which saw them profit from business deals the firm made with its Nigerian oil partners, without the knowledge of its board of directors. According to the Serious Fraud Office (SFO), former Afren CEO Osman Shahenshah… Read More

Nigerian politician fights UK money laundering conviction over stolen millions

James Ibori, the former governor of Nigeria’s oil-rich Delta State, has challenged a British court ruling which convicted him of laundering stolen public funds. Ibori is alleged to have used the money to acquire various assets. He reportedly owned houses in the US and UK, luxury brand cars and was… Read More
12th November 2018
South Africa’s Prudential Authority (PA) has fined HSBC after it identified weaknesses in its anti-money laundering (AML) and counter terror funding (CFT) systems. The PA, which assesses the banking sector’s financial crime controls, looked at the bank’s ability to detect and report suspicious and unusual transactions. “The administrative sanctions were… Read More
5th November 2018
HSBC (HSBA.L) and UBS (UBSG.S) have closed their offices in Nigeria, the country’s central bank said in a report on Friday as it revealed foreign investment had fallen sharply from a year ago. The bank said foreign direct investment in Nigeria fell to 379.84 billion naira ($1.2 billion) in the… Read More
30th October 2018
Two Afren executives have been sentenced to a total of 30 years for a scheme which saw them profit from business deals the firm made with its Nigerian oil partners, without the knowledge of its board of directors. According to the Serious Fraud Office (SFO), former Afren CEO Osman Shahenshah… Read More
18th October 2018
James Ibori, the former governor of Nigeria’s oil-rich Delta State, has challenged a British court ruling which convicted him of laundering stolen public funds. Ibori is alleged to have used the money to acquire various assets. He reportedly owned houses in the US and UK, luxury brand cars and was… Read More
10th October 2018
AP — South Africa’s finance minister resigned on Tuesday after acknowledging missteps during the scandal-tainted tenure of former president Jacob Zuma. The resignation of Nhlanhla Nene was announced by President Cyril Ramaphosa, who has pledged to clean up corruption and revive South Africa’s economy, which is… Read More
1st October 2018
A Liberian court has issued arrest warrants for more than 30 former central bank officials in connection with $104 million that went missing on the way to the bank, according to a court document released on Friday. Former bank governor Milton Weeks and Charles Sirleaf, the son of the west… Read More
28th September 2018
South Africa has signed an extradition treaty with the United Arab Emirates, the justice minister said on Thursday, raising the prospect of the Gupta brothers, friends of former president Jacob Zuma, returning to face corruption charges. The Indian-born brothers – Ajay, Atul and Rajesh – have been accused of using… Read More
24th September 2018
Pirates kidnapped 12 crew members from a Swiss merchant vessel on Saturday in Nigerian waters, the ship’s operator said in a statement. Kidnapping for ransom is a common problem in parts of Nigeria. A number of foreigners have been kidnapped in the last few years in the southern Niger Delta… Read More
18th September 2018
Nigeria has accused HSBC (HSBA.L) of laundering money for one of the country’s former rulers, hitting back at a research note by the global bank that suggested a second term for President Muhammadu Buhari risked prolonging economic stagnation. HSBC declined to comment on the allegation late on Saturday by the… Read More
18th September 2018
Corrupt Sierra Leonean officials have been selling fraudulent service and diplomatic passports for thousands of dollars to individuals hoping to use them to enter the United States, the country’s anti-corruption commissioner told Reuters. Africa has a thriving black market for illegal passports, prompting the United States, Britain and others to… Read More
Must Read

Key points in the draft EU-UK Brexit deal

AP — The draft divorce agreement between Britain and the European Union has two parts: a legally binding withdrawal agreement, which runs more than 580 pages, and a looser political declaration on future relations. Some key points: WITHDRAWAL AGREEMENT Transition period: Britain will leave the EU… Read More

Danske money laundering scandal is ‘tip of iceberg’, whistleblower’s lawyer says

Danske Bank’s (DANSKE.CO) 200 billion euro ($225 billion) money laundering scandal might be the “tip of the iceberg” and investigators should examine whether major Western banks played a role, a lawyer for the whistleblower said. Stephen Kohn, a partner at U.S. law firm Kohn, Kohn and Colapinto who is representing… Read More