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Canada fines Binance $4.38m for breach of money laundering laws

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The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has fined Binance, a popular cryptocurrency platform, $6 million for violating the country’s money laundering and terrorist financing laws.

 

According to international media, the fine is valued in Canadian dollars, bringing the total amount to USD4.38 million when converted.

 

In a recent statement on its website, FINTRAC said Binance had failed to register as a foreign money services business with the intelligence body.

 

The anti-money laundering agency said the cryptocurrency firm also failed to report large virtual currency transactions worth $10,000 or more.

 

“FINTRAC announced today [Thursday] that it has imposed an administrative monetary penalty on Binance Holdings Limited, also operating as Binance Holdings (IE) Ltd., Binance.com, Binance Global and Binance,” the statement reads.

 

“This foreign money services business was imposed an administrative monetary penalty of $6,002,000 on May 7, 2024 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.

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“Binance Holdings Limited was found to have committed the following administrative violations: Failure to register with FINTRAC as a foreign money services business; and failure to report large virtual currency transactions of $10,000 or more in the course of a single transaction, together with the prescribed information.”

 

Commenting on the matter, Sarah Paquet, director and chief executive officer of FINTRAC, said the country’s anti-money laundering and anti-terrorist financing regime is in place to protect the safety of Canadians and the security of the nation’s economy.

 

“FINTRAC will continue to work with businesses to help them understand and comply with their obligations under the Act. We will also be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”

Adjudged to be the largest cryptocurrency exchange by trading volume, Binance has been the subject of regulatory sanctions in some parts of the world.

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On April 30, Changpeng Zhao, the founder of Binance, was sentenced to four months in prison for money laundering, unlicensed money transmitting and violations in Seattle, United States (US).

 

According to US officials, Zhao intentionally turned a blind eye to transactions that financed terrorism, the illegal drug trade, and child sex abuse.

 

Earlier in February, a federal judge in the US approved a plea deal by Binance, requiring the cryptocurrency exchange to pay over $4.3 billion in fines and reparations.

 

Binance is also under investigation for illicit operations and foreign exchange (FX) rate manipulation in Nigeria.

 

The firm, and two of its top officials — Nadeem Anjarwalla, Binance’s regional manager for Africa, and Tigran Gambaryan, the company’s head of financial crime compliance — were charged with tax evasion and money laundering by the federal government.

 

The duo were arrested and detained on February 28 — but Anjarwalla escaped from custody in March.

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‘Please, I need water’, Essien Etop Andrew’s last request before he slumped, died at national assembly

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When Essien Etop Andrew, Deputy Comptroller of the Nigeria Customs Service (NCS) in charge of Finance, Administration and Technical Services, walked into the National Assembly Complex, on Tuesday, there was no indication that he would not walk out of the parliament alive.

Andrew had led a team of top customs officers to the House of Representatives for an investigative hearing by the Public Accounts Committee (PAC).

The deceased and his colleagues appeared before the Committee to make presentations on the revenue remittances by the Service.

“These levies as stated earlier is listed as federation account levies and it is the responsibility of the office of the Accountant general to say this money for sharing in FAAC, but for whatever reason that this money, which the Nigeria Customs Service has remitted into the appropriate account was not sent to the federation account, is what the service cannot give explanation,” he had said.

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Chairman of the Committee, Rep. Bamidele Salam, had interjected by asking: “So your position is that this money was actually sent to the account provided by the Accountant-General and that the obligation of now taking it to the federation account is out of your own purview.”

 

Responding, the deceased had said, “Yes. The same thing applies for 2017 and 2017 can be seen in the next page. If you look at 2016, it encompasses other levies. Sir, I may need to take water.”

 

“Go ahead,” Bamidele had said, adding, “Do you need tea.? Can somebody please attend to him?”

 

Shortly after, he collapsed and was rushed to the House of Representatives Clinic, where he died.

 

In a statement issued by Abdullahi Maiwada, Public Relations Officer of Customs, the Service expressed shock over the death.

 

“It is with profound sadness and a deep sense of loss that the Nigeria Customs Service (NCS) announces the passing of Deputy Comptroller Etop Andrew Essien, who served as the Deputy Comptroller in charge of Revenue in the Account Unit of the service. Deputy Comptroller Essien, who was in charge of the reconciliation of revenue for the service, passed away on the 25th of June 2024 while making presentation before the National Assembly House Committee on Public Accounts.

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“During his presentation, approximately three minutes in, Deputy Comptroller Essien requested water and showed signs of discomfort. Despite immediate efforts to assist him, he unfortunately passed away.

 

“Deputy Comptroller Essien was born on the 16th of November 1967 and joined the Nigeria Customs Service on the 27th of November 1989 with over three decades of service to our nation. Hailing from Nsit-Ubium in Akwa Ibom State, he was known for his diligence and exceptional service record in the Accounts Unit. His role as the DC Revenue was pivotal in ensuring the accurate reconciliation of revenue, which he performed with utmost precision and dedication.

 

“The Comptroller General of Customs, Bashir Adewale Adeniyi MFR, On behalf of the entire officers and men of the Nigeria Customs Service, extends heartfelt condolences to the family of Deputy Comptroller Essien. “The loss of such a dedicated and valued team member is deeply felt across the Service. We are committed to supporting and assisting his family and colleagues as they navigate this difficult period.”

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Seven killed, 11 injured in Lagos-Ibadan expressway accident 

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Seven persons died while 11 others sustained injuries in a road accident along the Lagos-Ibadan Expressway on Monday night.

 

Two vehicles — a truck with no registration number and a Mazda bus with registration number MNY894 YN — were involved in the crash which occurred at 9:33pm on Monday.

 

A spokesperson for the Ogun State Sector of the Federal Road Safety Corps (FRSC), Florence Okpe, said, “The suspected cause of the crash was excessive speed on the part of the Madza bus driver who rammed into a moving truck from the rear.

 

“The injured victims were taken to PATMAG Hospital Ogere for medical attention while the corpses were deposited at FOS morgue Ipara.”

 

FRSC sympathised with the family of the victims and advised passengers to always be on alert to correct some wrong mistakes of drivers.

 

The Corps also cautioned motorists to shun speed and use common sense speed limit especially at night and during the rain due to poor visibility.

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Cubana chief priest forfeits ₦10m to FG, to campaign against Naira abuse

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The Federal High Court sitting in Lagos has ordered celebrity bartender and business man, Pascal Okechukwu popularly known as Cubana Chief Priest to forfeit the sum of ₦10m to the Federal Government as a fine in lieu of the charge made against him for alleged abuse of the Naira.

 

This was contained in the terms of settlement agreement with the Economic and Financial Crimes Commission (EFCC) which was adopted before the trial judge, Justice Kehinde Ogundare on Tuesday.

 

At the proceedings, Counsel for the EFCC, Bilkisu Buhari-Bala, informed the court that parties in the charge entered into the out of-court settlement and same was duly signed by both parties.

 

The defendant’s counsel, Senior Advocate of Nigeria, Chikaosolu Ojukwu commended the reasonable action of the anti-graft agency in having the matter resolved. He said the defendant is equally remorseful and promises to turn over a new leaf going forward.

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Ojukwu also said that the consequences of the settlement is for the court to dismiss the charge.

 

Justice Ogundare in his short ruling adopted the terms of settlement and consequently struck out the charge.

 

The terms of settlement agreement pursuant to Section 14 (2) of the EFCC Establishment Act, 2004, read:

“The agreement applies only to the findings relating to contraventions of the law contained tn the pending charge preferred against the defendant.

 

“The defendant thall enter into a bond with the EFCC to be of good behaviour and never indulge in any Economic and Financial Crime or related offences.

 

“The Defendant shall engage in rigorous and intensive sensitisation and/or campaign against the abuse of coins and notes issued under the CBN Act as legal tender.

 

“The defendant shall bi-monthly post on his various social media handles a minimum of two video clips of his sensitisation/campaign against abuse of naira and sundry offences.

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“The Defendant shall pay to the consolidated revenue fund of Federation such sum not below the sum of Ten million naira (N10,000,000:00) only upon the execution af this agreement.”

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