US Freezes $458M Tied To Former Nigerian Dictator

Law360, Los Angeles (March 5, 2014, 8:17 PM EST) -- The U.S. Department of Justice announced Wednesday that it has frozen more than $458 million that former Nigerian dictator Sani Abacha and co-conspirators allegedly acquired through corruption and hid in bank accounts worldwide, marking the department's largest civil forfeiture action to recover proceeds of foreign official corruption.

The DOJ froze $313 million in funds held in bank accounts in the Bailiwick of Jersey in the Channel Islands and another $145 million held in accounts in France. In addition, the department restrained four investment portfolios and three...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.