Skip to comments.RSS Feed US Congressional Report Cites Loopholes in Anti-Money Laundering Legislation
Posted on 02/06/2010 10:54:31 PM PST by UAConservative
A U.S. Congressional report has shed new light on massive infusions of suspect money into the United States by people in the inner circles of power in the impoverished African oil-producing countries of Gabon, Equatorial Guinea, Nigeria and Angola.
The more than 300-page report follows two years of investigations into how lawyers, lobbyists, real estate agents and others in the United States have helped hide the existence of hundreds-of-millions of dollars coming from people in or close to power in African oil-producing nations, where despite oil wealth, endemic poverty persists. The report does not accuse those cited of breaking any U.S. laws.
In 2001, the U.S. Congress passed the Patriot Act, which included anti-money laundering regulations pertaining to financial institutions, but the report says there are loopholes that have allowed suspicious funds to be funneled into the United States.
The report cites individuals, including the wife of former Nigerian Vice-President Atiku Abubakar, American Jennifer Douglas. She is alleged to have helped bring $40 million in suspect funds into the United States. The report says that, at one point, the Wachovia Bank failed to identify her as a so-called "politically exposed person" who might be moving illicit cash.
(Excerpt) Read more at 1.voanews.com ...
Maybe we could save our nation’s MONEY if we just compiled a list of all politicians who were NOT CORRUPT.
Seems it would save a lot of time, a lot of paper, a lot of money. Probably the list of names would all fit on one page.
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