Hi folks,
I thought you might be interested in the latest developments regarding the late Gen. Abacha's stolen millions. The Swiss Federal Banking Commission (SFBC) has released the report of it's 10-month long investigation, and concluded that a number of Swiss Banks were guilty of failing to comply with due diligence rules. Furthermore, the SFBC also reported that there were significant international dimensions to the problem, and in particular, other international financial centers also had dealings with Abacha's people.
For those of us interested in ensuring that President Jammeh and his group doesn't get away with daylight robbery, the SFBC report is especially encouraging. First, it is yet more evidence that the tide is finally turning on the issue of Swiss banking secrecy laws. Second, that the Swiss have advocated promoting international regulatory action to control the banking of looted money would help in getting the momentum needed to make sure that all loopholes are closed to these thieves. Finally, this report is a good omen given that the Nigerian crude oil deal that President Jammeh continues to deny involvement in, and that the Gambian members of parliament that shamelessly voted against investigating is related to the Abacha's corruption. The report just might be the thin end of the wedge that will open President Jammeh's corrupt dealings to the rest of the world.
For your information, you can access the Financial Times article on the report via the following link.
http://c.moreover.com/click/here.pl?j9673500
Also, the SFBC Press Release is available online at the following address as a PDF file (scroll down to the September 4 item).
http://www.ebk.admin.ch/e/aktuell/index.htm
For benefit of those that can't read PDF files, I have converted the press release, and here is:
Press Release
EMBARGO: Monday, 4 September 2000, 10 a.m.
The Swiss Federal Banking Commission investigates banks in connection with Abacha funds
On Monday, the Swiss Federal Banking Commission (SFBC) released the results of its comprehensive investigation into the business relations of Swiss banks with the entourage of the former President of Nigeria, Sani Abacha. In its final report the SFBC identifies organisational weaknesses and shortcomings in several banks. Besides Switzerland, other international financial centres also were exposed to money flows from the entourage of Sani Abacha.
The SFBC conducted investigations in nineteen banks, which entered into business relations with the entourage of the former President of Nigeria, Sani Abacha, in order to establish whether the banks complied with their obligations of diligence, including the "know your customer" rules and the duty to clarify suspect transactions.
Only partial compliance with diligence obligations
The SFBC established that, among the banks subject to its investigation, five fully complied with their obligations of diligence. In several banks, however, the SFBC found violations and organisational shortcomings. Whereas in some they can be considered less serious, in 6 banks, violations and organisational shortcomings were serious enough to give rise to counter measures both on the personnel and the organisational level.
Full compliance with reporting requirements
The SFBC found that all banks complied with the reporting requirement provided for under the Anti-Money Laundering Act by reporting their suspicions to the Money Laundering Control Office as soon as there were sufficient indications regarding possible criminal origins of the funds. The funds in question were frozen within the banks, as required by the Act.
International dimensions
The investigations of the SFBC show that not only in Switzerland, but also in other major international financial centres, banks were involved in transactions with funds from the entourage of Sani Abacha.
Conclusions of the SFBC Chairman
The Chairman of the SFBC, Dr. Kurt Hauri, said:
"The fact alone, that significant funds of dubious origin from the close entourage of the former Nigerian president Sani Abacha were deposited on Swiss bank accounts, is disturbing and damaging to the reputation of the Switzerland's financial sector. The financial centre and Switzerland as a whole have no interest in attracting assets that stem from corruption and other criminal origins. The SFBC's investigations and regulatory counter measures, as well as the decisive action and cooperation of the criminal prosecuting authorities, show that Switzerland is strongly committed to combating the misuse of its financial centre for money laundering purposes. Switzerland, as this case illustrates, is by far not the only international financial centre faced with the challenge of fighting the laundering of corruption proceeds. The SFBC, therefore, is strongly promoting international regulatory action with respect to the handling of corruption proceeds by financial institutions."
Notice to the press:
· Questions may be directed to Mr. Daniel Zuberbühler, Director of the Secretariat of the SFBC, as of Monday, 10 a.m. (+41 31 322 69 20).
· This press release (in German, French and English) along with the report "Abacha-Funds at Swiss Banks" (in German and French) can be downloaded from the website of the SFBC at http://www.ebk.admin.ch.
By the way, the full 19-page report is available in German and French, and it would be great if one of us can volunteer to have it translated. Please let us know if you would like to translate it, so that we don't have more than one person working on it.
I guess that's about it for now. And keep up the great work on getting ready for the New York demonstrations.
Have a great week, and best wishes.
Katim
----------------------------------------------------------------------------
To unsubscribe/subscribe or view archives of postings, go to the Gambia-L
Web interface at: http://maelstrom.stjohns.edu/archives/gambia-l.html
You may also send subscription requests to [log in to unmask]
if you have problems accessing the web interface
----------------------------------------------------------------------------
|
