Banks around the world have commenced closing accounts held by Nigerians.
If
you may recall, in May 2015, news filtered through social media that
accounts of Nigerians in the UAE specifically in Dubai had been closed.
At the time, no official reason was given, however sources at the Dubai Financial Services Authority (DFSA) disclosed that this was as a result of Dubai’s efforts to curb money laundering.
At the time, no official reason was given, however sources at the Dubai Financial Services Authority (DFSA) disclosed that this was as a result of Dubai’s efforts to curb money laundering.
A
growing Nigerians with accounts in the United Kingdom, United States
and Canada have reported their accounts being closed without any clear
explanation from the banks. Many have received letters stating that the
banks have decided to close their accounts as they reserve the right to
do so based on bank/client agreements. Letter packages have included
cheques amounting to the closing balance and/or instructions on how to
retrieve their cash.
While there is
no clear and official reason for this exercise, sources have revealed
that this is as a result of ongoing anti-money laundering discussions
between the Nigeria’s Buhari-led government and their international
counterparts.
In addition, countries
around the world are clamping down on banks which aid money laundering
by imposing huge fines and penalties. Therefore, the banks are working
overtime to “clean up their acts”. In June 2015, it was revealed that HSBC paid over $43million in Geneva to settle a money laundering case.
Please
note that based on information received so far, while no clear pattern
for account closing selection has been revealed; Affected parties have
excluded those who have a clear and defined source of the funds in the
account. For example, work permit holders with salaries remitted into
their accounts or current students with fees and reasonable pocket
money paid into their accounts have not been affected so far.
However,
Nigerians who transfer money from their Nigerian accounts to foreign
accounts, students with unexplained large balances and Nigerians who
made cash deposits into their accounts abroad have been affected so far.
story:bellanaija
I wonder how long it will take Nigerians to realize that stashing money in foreign accounts only grows the economies of foreign countries. We need to keep our savings here to stimulate the local economy. My 2 kobo.
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