The challenge of money laundering by Nigeria PEPs: Beyond the transplantation of FATF standards

Bob-Osamor, Chinelo 2024. The challenge of money laundering by Nigeria PEPs: Beyond the transplantation of FATF standards. Azinge-Egbiri, Nkechikwu, Ryder, Nicholas and Esoimeme, Ehi Eric, eds. Global Anti-Money Laundering Regulation: Developing Countries Compliance Challenges, London: Routledge, pp. 161-177. (10.4324/9781003253808-11)

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Abstract

This chapter aims to examine the reasons money laundering by politically exposed persons (PEPs) thrives in Nigeria despite the transplantation of Financial Action Task Force (FATF) standards into Nigerian law. Additionally, the chapter explores recommendations that will achieve a workable anti-money laundering (AML) framework for Nigeria. This is a case study that analysed the AML regulations in Nigeria and their compliance with FATF standards. Case studies are used to illustrate the enforcement challenges in Nigeria. The key finding is that beyond the transplantation of FATF standards, the main reason for the pervasive money laundering by PEPs is lack of political will by successive governments to enforce AML regulations. The establishment of a prosecution review commission as a check on the Attorney-General’s exercise of prosecutorial discretion is recommended. Furthermore, the constitutional immunity should be limited to only civil cases. Public office holders should not enjoy immunity in criminal cases.

Item Type:	Book Section
Date Type:	Publication
Status:	Published
Schools:	Schools > Cardiff Law & Politics
Publisher:	Routledge
ISBN:	9781032182889
Last Modified:	12 Dec 2025 16:30
URI:	https://orca.cardiff.ac.uk/id/eprint/183200

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