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Cash Cards freezes V-Cash accounts of Nigerians

Oluniyi D. Ajao

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· Updated 3 March 2020

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

Click to access advis32.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.

Oluniyi D. Ajao Avatar
Oluniyi D. Ajao
Oluniyi D. Ajao is an Internet Entrepreneur and Tech Enthusiast. Follow him on X (fka Twitter) @niyyie for more tech updates.

Comments

  1. Yinka Taiwo Avatar
    Yinka Taiwo

    I like this maxim”those who don’t know history will repeat it” If you are a business opportunity seeker in Nigeria you will know about how millions of dollars belonging to Nigerian were trapped in cashcards account. Cashcards is the promoter of goldlynk mlm business. Simply because they did not want to do business with Nigerians again. The excuses was because was American government order prevents them from doing business with countries that engage in money laundering citing Nigeria as one of them.
    Majority of MLM business being promoted in Nigeria today are based in Offshore countries that if they go with people commission nobody can hold them. This is what happened with cashcards. As of this writing Nigerians investors are still trapped in Cashcards account. If they are collecting commission on the fund, the money would have been doubled by now.
    MLM business offer investors good and quick money especially the first mover.It is still good business for residual income. Robert Kiyosaki and Donald Trump endorse it.
    For investors to do this business with a peace of mind, they must look for programmes that:
    1. pay commission instantly and automatically without going to the company account. This will save people a lot of money even if they stop doing business with Nigerian
    2. uses a simple 1-Up structure. This structure allows its participants to get into the receiving position very quickly. It out performs ALL

    matrixes and boards and is a mathematically superior structure. This 1-up 1-time structure is the heart of the system. You can make profits within hours.
    If cashcards uses the 1up system this would not have happened. If the ones been promoted today stop doing business with Nigeria, how much dollars would be trapped in their account?
    3. The “Up” plans are very popular and they have been in the industry at least, which is many, many years. Although they are very popular
    with the Network Marketing crowd, they are the least used compensation plan in the industry. The reason why “Up” plans are the least used is because they pay the least amount of money to the company. Companies don’t want to use this plan because they make less money, subsequently, you make more.
    4.You recover your joining fees much faster because of the high commission payments.You only need two commissions to be in profit of at least 50%
    5.you do not rely on those you sign up to create your income for you, it’s a great infusion of payments to you if your group does get down to work and create those roll ups, but if they don’t, would it be so horrible to have to create your own sales? It’s the amount of money earned per sale that makes the difference here. Get one sale a week and you have created a part time income, 3 sales a week and you have created a full time income. Anything those people that you signed up do is just extra money really.
    The 1-Up compensation structure solves many of the issues that people encounter in their business and it is the most powerful compensation plan available.
    If you know of any programme like this join fast and make thousands of dollars with a peace of mind. If don’t know any you can join this one through my link http://www.web20millions.com/id/BobbyT

    Reply

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