Britain to shut doors against Nigerian looters, others

Britain is in the strategy of shutting its doors towards public treasury looters from Nigerian and other elements of the world as a new regulation to clamp down on money laundering goes into effect.

Officials estimate that round £90 billion ($127 billion, 102 billion euros) of illegal funds are laundered by way of Britain yearly, together with cash stolen from the Nigerian treasury.

Now officers will use new unexplained wealth orders (UWOs), which came into impact last week, to seize suspicious belongings and hold them till they have been correctly accounted for, the Occasions of London reported yesterday, quoting Ben Wallace, Safety and Financial Crime Minister.

Wallace stated Russian oligarchs suspected of corruption can be pressured to elucidate their wealth.

Wallace stated he needed the “full pressure of the federal government” to return down on corrupt politicians and worldwide criminals utilizing Britain as a haven.

“Once we get to you we'll come for you, in your belongings and we'll make the setting that you simply stay in troublesome,” he stated.

Wallace spoke 24 hours after Finance Minister Kemi Adeosun stated Nigeria and some overseas nations, including the UK, have began the automated change of tax info (AETI), on abroad belongings owned by Nigerians.