CORRUPTION and money-laundering is something the government have always claimed to be cracking down on hard. However, in an investigative piece by Finance Uncovered, they found that JP Morgan was defending themselves from a lawsuit by the Nigerian government against a claim of $875 million plus interest, they allege that they have been “grossly negligent” in making payments to Nigerian oil minister, Chief Dan Etete from a company he set up to award himself an oil contract.
In the latest twist, JP Morgan have alleged in court that British authorities gave the green light to transfer the funds from this corrupt oil deal to the Nigerian politician.
UK implicated in corruption
The allegation is aimed towards the UK’s biggest anti-money laundering unit and it is claimed that they gave the green light to transfer $875 million from the company involved in the corrupt oil deal and Etete, who set up the company. The US bank claim that they sought consent from the Serious Organised Crime Agency (Soca) to make the payments, however, they were given the green light to go ahead with the payments instead of them being blocked. There has been no explanation as to why the decision was made and this raises significant concerns over the UK’s ability to tackle serious crime such as money laundering.
Interestingly, the payments were to be made in two instalments, one in 2011 and the other in 2013 and Soca, who are the main anti-corruption unit, report directly to the Home Secretary, who was Theresa May at the time. What is even more staggering being that Poca include loopholes within their anti-money laundering remit which almost incentivises for both bankers and coppers.
