The Streetjournal Magazine is an online investigating media house that specializes on systematic, serious crimes, political corruption or corporate wrongdoing.
Kunle Aderinokun
Nowadays, it is easy for money to flow across borders and this connectivity between international financial systems promotes economic growth, but it also gives rise to a global problem referred to as Illicit Financial Flows (IFF).
Illicit Financial Flows are financial flows that are illicit either by virtue of their origin (stemming from organised crime), their utilisation (to finance terrorism) or the nature of the transfer itself (money laundering).
Interestingly, the effects of IFFs are particularly devastating for developing countries and increasingly undermine international efforts to promote sustainable development.
Undoubtedly, criminal activities associated with IFFs, such as human trafficking or the illegal trade in drugs, destabilise countries and regions and thus increase the risk of violent conflicts.
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Nigeria Again Targets Asset Manager In $10B Award Fight
Law360 (January 11, 2021, 9:59 PM EST) Nigeria has opened another front in its bid to prove that a $10 billion arbitral award against it relating to a failed natural gas processing deal was connected to an alleged bribery scheme, this time seeking evidence it says is needed to have the award set aside in England.
The west African nation told a New York federal court that it s trying to combat Process and Industrial Developments Ltd. s alleged efforts to sweep its fraudulent activities under the rug despite an English court s ruling last year that Nigeria could pursue allegations that the award was based on and procured through.