Nigeria’s central bank cracks down on money habits of politicos

By Incorrect Author 4 November 2009

As part of a crackdown on graft, Nigeria's central bank has ordered the local banking sector to report suspicious cash transactions by people involved in politics. Recently, central bank governor Lamido Sanusi fired the heads of five top banks and brought fraud charges against several banking executives. The new regulations -- common in the developed world after the attacks of 11 September 2001 on the World Trade Centre in New York -- now require banks to report large movements of cash between accounts if the account holder is a "Politically Exposed Person", including former heads of state, politicians, those in local government, court officials, soldiers and members of royal families. Many such people are major shareholders or directors in Nigeria's banks. Read more: BBC

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