BREAKING: FG receives N160 million refund from two firms indicted for ‘unlicensed’ USDT-Naira trading

Oct. 14, 2024 - Nairametrics

EFCC counsel Ujam then informed the court that the company had proposed a settlement and that a plea bargain agreement had been formalized. She requested a short date for the adoption of the plea bargain agreement.

The defendants acknowledged failing to report a single transfer to the Special Control Unit on Money Laundering (SCUML), contrary to Section 10(3) of the Money Laundering (Prohibition) Act, 2011. More InsightsThis development follows intelligence from the National Security Adviser, which alleged money laundering, foreign exchange contraventions, and terrorism financing activities on certain cryptocurrency exchange platforms.

The Foreign Exchange (Monitoring and Miscellaneous Provisions) Act defines any foreign exchange negotiation not permitted by law as an offense...