Cash Cards LLC, operators of the not-so-popular V-Cash digital currency have freezed the V-Cash account of Nigerian account holders, citing the money-laundering activities in the West African nation as a reason.
A forum-user on a Nigerian forum quotes:
Effective Immediately, Cash Cards International can no longer do business with persons or businesses from Nigeria.
For a number of years the Financial Action Task Force (“FATF”) has placed Nigeria on the “Back List” of Non Cooperative countries in the fight against Money Laundering.
According to the US State Department, Nigeria is a worldwide hub for Money Laundering activity, and is notorious for Financial Fraud Schemes that involve the International Wire Transfer of funds.
For more information:
http://www.fatf-gafi.org/dataoecd/16/23/36174130.pdf
http://www.fintrac.gc.ca/publications/avs/2004-10-29_e.asp
http://www.fatf-gafi.org/dataoecd/43/53/34949558.pdf
http://www.oecd.org/document/61/0,2340,fr_2649_37453_2487165_1_1_1_37453,00.html
As an international corporation we have been monitoring the progress of Nigeria to meet the requirements to be taken off the “Black List”. Unfortunately, there just hasn’t been enough progress (see first reference above) and as such we must now suspend all transactions with individuals or businesses from Nigeria to include freezing all V-Cash accounts opened by Nigerians. At such time that Nigeria meets the criteria to be removed from the “Black List”, we will again open up these accounts.
Cash Cards did not give prior notice to account holders.
According to a Nigerian daily newspaper however, Nigeria has been removed from the International Financial Task Force’s (FATF) list of Non-Cooperating Countries and Territories, thus pronouncing a clean bill of health for the nation’s financial credit profile.
The country’s de-listing by the FATF yesterday was in recognition of the significant progress the Obasanjo administration has made in sanitizing the country’s financial sector and implementing the National Strategy Against Money Laundering and Combating the Financing of Terrorism.
With yesterday delisting by the FATF, Nigeria is now free of encumbrances that have the capacity to stifle the inflow of investment and economic growth.
Cash Cards International provides Exchange Services for Digital Currency industry, dealing exclusively in e-gold and V-Cash.
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