Sections
DONATE
SUPPORT WWW.JOLLOFNEWS.COM
Account Login
Gambia, 16 other African Missions Face U.S. Bank Account Closures
Tuesday, 16 November 2010 22:46
By Jollof News Staff WriterThe Gambian Embassy is among at least 17 African missions in the United States reported to be facing service restrictions imposed by several U.S. banks, in what is said to be causing difficulties in mission operations.
Increasing scrutiny faced by banks from anti-corruption groups for their activities in these countries is believed to be behind this development, according to
AllAfrica.com, which reported the development on Tuesday. It said heightened attention to bank involvement in questionable practices is believed to be at least the partial impetus for increased restrictions that these African embassies and diplomatic missions in the United States are now facing in their dealings with American banking institutions.Concern about money laundering activities and financing of terrorism have sparked intensified scrutiny by a group of government led by the United States. This is believed to have raised the cost for banks of doing business with smaller countries and reduced incentives for handling the once-lucrative accounts.
A US Senate investigation report last February revealed how politically connected African officials, their relatives, and close associates utilize U.S. financial institutions to conceal, transfer, and spend funds suspected to be the proceeds of corruption. The report illustrates how these corrupt officials "used U.S. lawyers, real estate and escrow agents, lobbyists, bankers, and even university officials, to circumvent U.S. anti-money laundering and anticorruption safeguards."
Other African countries named as feeling the pinch of this current restriction by US banks are Burkina Faso, Burundi, Cape Verde, Central African Republic, Democratic Republic of Congo, Republic of Congo, Equatorial Guinea, Lesotho, Madagascar, Malawi, Mauritania, Mozambique, Namibia, Sierra Leone and Swaziland. As many as 20 countries outside Africa are also believed to be facing similar difficulties, according to AllAfrica.com, which cited unnamed U.S. government officials and private sector sources who declined to be identified due to diplomatic complications these actions are said to be causing.
"The Department of State seriously regrets the inconveniences - in some cases, very serious inconveniences - that African embassies and others have been subjected to as a result of actions by a number of American commercial banks," AllAfrica.com quoted US Assistant Secretary of State Johnnie Carson.
While there have been efforts by senior US officials to reached out to banking institutions to help out in the problem, the US Assistant Secretary of State said, officials are stressing that the government "does not control the banks in this country and cannot dictate to them who they shall have as their customers."
But diplomats from the affected countries are not resting on laurels, as they are reported to be looking to the administration of President Barack Obama for a diplomatic solution.
There are also reports of a similar scenario at the United Nations, where missions from many countries are said to have been notified by an unnamed bank that their accounts would be closed in March.
Jollofnews Poll
Who do you think should be the next President of The Gambia?
Follow us on Twitter
-
Teenager drowns in River ThamesA teenage boy dies after getting into difficulty in the River Thames at Oxford.
-
Muslim Brotherhood seeks unity ahead of Egypt runoffCAIRO (Reuters) - The Muslim Brotherhood is reaching out to rivals including politicians knocked out...
-
Bristol Rovers Speed Merchant Could Be Racing To Posh(GamSports) – Peterborough United are thought to be one of a number of Championship sides...
Comments
Comment
And where did this leave yaya jammeh-the biggest notorious corrupt mouse of all. The world governments should be watchful of the Gambian-Cocaine-Baron’s financial transactions & those of his concubines/wives & other associates. Particularly his devils like J T Kujabi who he uses on his pungent errands just like Lamin Sanyang before on the funding of the American girls’ beach picnics to Hawai, etc, as well as funding their scholarships, etc. These girls are then shipped to Gambia to service the Kanilai butcher’s insatiable appetite for the opposite sex.
Good move by the Watchmen of the world's democracy.
THis is not Africa, this is a different world, where democracy reigns... Loothing bastards that call themselves leaders will only empty the continent dry before they give up, what a shame!
RSS feed for comments to this post.