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Combating Money Laundering in Nigeria- A Legal Perspective on the Role of Central and Commercial Banks, Chitengi

Combating Money Laundering in Nigeria- A Legal Perspective on the Role of Central and Commercial Banks, Chitengi

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Presentation to the Central Bank of Nigeria-Abuja, Nigeria 2012. Adv. Chitengi S.J.
Presentation to the Central Bank of Nigeria-Abuja, Nigeria 2012. Adv. Chitengi S.J.

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08/25/2012

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COMBATING MONEY LAUNDERING:
Legal Perspective on the Role of Central andCommercial Banks
Adv. Justine Sipho Chitengi
 DAAD Scholar & Advocate of the High Court for Zambia 
PhD Candidate Law & Policy
(Walden-USA/Chreso-Zambia);
LLMOrganized Crimes Law
(UWC-RSA/HU-Germany);
LLB Merit
(UNZA- Zambia);
BSc Forestry
(CBU-Zambia);
PGC Public Policy, Governance& Leadership
(AU-Zimbabwe//OSISA-RSA);
CETP Contracting &Entrepreneurship
(Northlink-RSA);
PGC LPQE
(ZIALE-Zambia);
CPDConveyancing
(LAZ-Zambia);
AHCZ.
Staff TrainingCentral Bank Of NigeriaChelsea Hotel, Abuja, 25- 30 August 2012.By the Institute for Finance & Economic- Zambia
.
“The views herein expressed are solely attributable to theauthor”
©2012 Chitengi S.J.
1
 
08/25/122
 
i. Introduction
ML being a process of disguising illicitproceeds (ill-gotten funds), the role of financial institutions in the process both aspossible intermediary and an effective point of curbing the vice cannot be overemphasized.
On the one hand, launderers are ever tryingto establish rapport with financial institutionsas medium of perpetration because they knowthat ill-gotten monies that enter into thefinancial system can be “legitimized” if appropriate and effective measures are nottaken by financial institutions.
08/25/123

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