Tuesday, June 4, 2019

Court seizes £211m traced to Abacha from Channel Islands bank account - The Punch

A court has seized the sum of £211m traced to the late General Sani Abacha, which was found in a Jersey bank account on Channels Island.

According to Metro UK, the late Head of State laundered money through the US into the Channel Islands.

The money was put in accounts held in Jersey by Doraville Properties Corporation, a British Virgin Islands company.

The money is now being held by the government until authorities in Jersey, the US and Nigeria come to an agreement on how it should be distributed. It is expected that even more money held by Doraville is likely to be seized and paid into the Civil Asset Recovery Fund in the future.

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Jersey’s Attorney General, Robert MacRae, speaking on the discovered loot, said, “In restraining the funds at the request of the United States of America, through whose banking system the funds were laundered prior to arriving here, and in achieving the payment of the bulk of the funds into the Civil Asset Recovery Fund, Jersey has once again demonstrated its commitment to tackling international financial crime and money laundering.”

The Nigerian government had been recovering loot traced to the late dictator, who ruled the country between 1993 and 1998 when he died.

Wikipedia revealed that the Channel Islands are a group of British dependency islands in the English Channel, off the coast of France.