Briefing paper on Emerging Capital Partners case and review of European law on money laundering

Added 31 Jan 2014

Eurodad member Re:Common and partner Counter Balance have published a new briefing on the Emerging Capital Partners case and review of European law on money laundering. The briefing specifically highlights the corruption and money laundering case in Nigeria, involving private equity fund Emerging Capital Partners which has been financed by the European Investment Bank and several European DFIs. The case is commonly known as the Ibori case.

The briefing reviews the case against current proposals to strengthen European anti-money laundering law. It concludes that European Development Finance Institutions do not fully apply anti-money laundering law, thus opening a wide loophole in the legislation.

The briefing includes the following recommendations:

  • Reporting suspicions of money laundering;
  • Effective supervision of financial institutions backed up with appropriate sanctions;
  • Minimum sanctions for non-compliance by obliged Institutions;
  • Beneficial ownership information and identification of beneficial owner;
  • Information sharing within multinational financial institutions, and between governments;
  • A more risk-based approach to tackling financial crime and money laundering