$300 million of laundered money held in Jersey bank accounts to be sent back to Africa
05/02/2020
MORE than US$300 million laundered by a Nigerian dictator and held in Jersey bank accounts is to be repatriated to the African state following a landmark agreement.
The funds were stolen from the Nigerian public by General Sani Abacha and his friends and associates when he was head of state between 1993 and 1998.
The money was laundered through the United States banking system and held in accounts in Jersey in the name of Doraville Properties Corporation.
Jersey, Nigeria and the USA has this week entered into an asset recovery agreement to send the funds back to Nigeria.
The projects which will benefit from the funds will be administered by the Nigeria Sovereign Investment Authority and independently audited.
The Solicitor General and Attorney General-designate of Jersey, Mark Temple QC, who signed the agreement on behalf of the Island, said: 'This agreement represents the culmination of two decades of intensive work by law officers in Jersey, the United States and Nigeria.
'The return of the assets to Nigeria had been delayed by a number of hard-fought challenges by third parties which were defeated in the courts in Jersey and the United States.
'The agreement establishes a framework based on fruitful co-operation, trust and respect so that the forfeited funds can be repatriated to benefit the people of Nigeria, from whom they had been taken. The use of the funds will be subject to monitoring and reporting obligations.
'This is a very significant achievement, and, once again, demonstrates Jersey’s commitment to tackling international financial crime and money laundering.'
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.