Nigerian lawmakers passed a bill aimed at cracking down on money laundering by urging foreign countries where currency crooks are hiding to cooperate in prosecuting them, a senior official said on Tuesday (May 30 2017).
According to the bill, Nigeria may ask any country where a money launderer is hiding to help it prosecute the offender, or prosecute that person itself. In the second case, Abuja would supply the country with evidence to support a conviction.
Development in the OPEC member, which has Africa’s largest economy, has been stunted by endemic corruption. Most people live on less than $2 a day despite the country’s vast energy wealth, much of which has been plundered by a rich elite.
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