𝗪𝗠 Profile picture
Aug 28, 2019 11 tweets 3 min read Read on X
MONEY LAUNDERING is real, it is an emerging risk, don't be a victim.

It is the process of legitimatizing unclean money by introducing into a valid & trusted system.

The intention is to mystify the origin and 'clean' the money for legal business transactions.

Cc @yinkanubi
The origin of the money is ILLEGAL.

The owner of such then looks for a way to make it LEGAL - that's the cleaning process - by introducing it into a trusted system.

Often, once the money gets into the system they look for a way to get it out and fast. NEVER LEFT FOR LONG!
Then they use the money to start a business however MONEY LAUNDERING KILLS BUSINESSES.

How?

They sell cheaper and make a mess of competitors.

How?

Since they didn't do any real and legitimate business, they have no overheads or much of the variables real businesses consider.
Ridiculously cheap prices are sometimes indicators of money laundering businesses.

I have seen a promo for cars - Buy 2 get one free. Looks ridiculous, 3 cars for the price of 2? Do the math, if it doesn't add up avoid such run-belle-awoofs.
MONEY LAUNDERING DESTROYS THE COUNTRY'S REPUTATION

It becomes the havens of stollen funds and they most often don't add to the economy.

How?

Money gotten in a haste is spent hastily and lavishly. Because of the greed driving the desire, they want to make the next kill, fast!
...and because they don't want to be caught, they spend it fast and anyhow.

Then, because it is just a matter of time, the system will point things out...the destination of source funds becomes a questionable entity and people then don't want to do business with such.
Money launderers looks for every means to send money thru a legal system, therefore don't be a conduit.

Be careful who is transferring money to you, the purpose & whose behalf you are making the transfer - for a token.

Don't just be nice & become a naive victim of launderers.
Your friend is always asking you to transfer X amount and pays you in cash...every time? Be careful and think it through.

Every money that leaves your account has your name on it.

Be sure of the purpose and for whom...and why you every time? Are you a transfer engine?
A simple and safe practice is to identify all transactions from your account.

For instance; "SENT TO RAIMI ON BEHALF OF ANTHONY" is a good narration.

Put a name to every transfer. Please do, for proper accounting and to avoid stories that touch.
We all have a role to play in ending money laundering in our space and making our country clean again.

Do your part.
Don't be a launderer
Don't let launderers use you.

I am Anti-Money Laundering, are you?

(Next, I'll share on TERRORISM FINANCING - the twin of Money Laundering)
By the way, this whole conversation is under COMPLIANCE - Compliance role is a good one if you like to explore.

I can guide!

It is a control function and one of the Second Level of Defence functions in the #3LOD (now #5LOD) defense mechanism.

End.

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with 𝗪𝗠

𝗪𝗠 Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @WaleMicaiah

Feb 28, 2021
1999 NIGERIAN CONSTITUTION - THE EXCLUSIVE LEGISLATIVE LISTS

1. Accounts of the Government of the Federation, and of offices, courts, and authorities thereof, including audit of those accounts
2. Arms, ammunition and explosives

-1-
-2-

3. Aviation, including airports, safety of aircraft and carriage of passengers and goods by air.
4. Awards of national titles of honour, decorations and other dignities.
5. Bankruptcy and insolvency
6. Banks, banking, bills of exchange and promissory notes.
-3-
7. Borrowing of moneys within or outside Nigeria for the purposes of the Federation or of any State.
8. Census, including the establishment and maintenance of machinery for continuous and universal registration of births and deaths throughout Nigeria.
Read 20 tweets
Feb 28, 2021
🇳🇬1999 NIGERIAN CONSTITUTION

Arrangement of sections

CHAPTER I: GENERAL PROVISIONS

Part I: Federal Republic of Nigeria
1. Supremacy of constitution
2. The Federal Republic of Nigeria
3. States of the Federation and the Federal Capital Territory, Abuja.

Pg-1
Pg-2

Part II: Powers of the Federal Republic of Nigeria
4. Legislative powers
5. Executive powers
6. Judicial powers
7. Local government system
8. New states and boundary adjustment, etc.
9. Mode of altering provisions of the constitution
10. Prohibition of State Religion
Pg-3

11. Public order & public security
12. Implementation of treaties

CHAPTER II: FUNDAMENTAL OBJECTIVES AND DIRECTIVE PRINCIPLES OF STATE POLICY

13. Fundamental obligations of the Government.
14. The Government & the people
15. Political objectives
16. Economic objectives
Read 67 tweets
Mar 18, 2020
FOR MEN WHO WANT TO KEEP THEIR MARRIAGE. (EXTRACTED & ADAPTED FROM A WHATSAPP GROUP)

****
A Good Man, Makes A Good Husband And A Good Husband Becomes A Good Father. A Good Father Raises A Good Child. If You Want To Be A Good Man, Husband And Father, Emulate These Steps Below:
1). Never raise your voice for any reason to your wife. It's a sign of disrespect.

2). Don't expose your wife's weaknesses to your family and friends. It will bounce back at you. You are each other's keeper.
3) Never use attitudes & moods to communicate to ur wife, u never know how ur wife will interpret them. Defensive men don't have a happy home.

4) Never compare ur wife to other women, you've no idea what their life is all about. If u attack his ego, his Love for u will diminish
Read 19 tweets
Feb 15, 2020
STRATEGIC JOB HUNTING

Businesses have many challenges, but top on their list are:

1. Increase sales/customer base
2. Reduce operational waste
3. Comply with regulations
4. Avoid losses & fraud
5. Process efficiency

If you can address any of these, your chances are higher.
Strategic job hunting is targeted.

It's not waiting for Vacancies to be advertised - it's causing vacancies to be advertised/filled.

It means you have: Knowledge of
-an industry
-the company
-their pain-points
-Competencies to solve those problems

How do you know all these?
First identify the industry that appeals to you - if it is a regulated industry, all the better, get familiar with their Laws, Regulations, Circulars, Guidelines, Framework, Certifications, etc

About the company: Website is a good place to start - ABOUT US!
Read 8 tweets
Feb 1, 2020
UNAUTHORIZED TAXMASTERS & LAGOS LEAKAGES - Transportation scenario.

During the week I used the popular Keke (Tricycle) in an out of office journey, as usual I will ask the rider to take only me so I could have some conversation around his trade.

/1
Not long after we started our journey and agreed on the fare, he asked for permission to stop and make a payment.

So I asked what the payment was for, he said "that's how they collect it ooo".

How much did you pay?

He said N300.00.

Then I asked for the receipt which he gave.
I asked if this is all he pays daily, he answered "No, that it was the 4th payment making N1,000 daily".

I requested for the receipts, take a look:

Iru Victoria Island: N300

NURTW: N100

Iru Victoria Island Local Govt: N100

Oniru Axis, Iru Victoria Island: N100
Read 5 tweets
Jan 7, 2020
WHAT DO YOU WANT BUT SITTING & WAITING....

In one event, Pst @sam_adeyemi raised some money and asked the crowd: "Who wants?"

Quite a number raised their hands, some shouted....I want, I want, I want.

He continued, WHO WANTS THIS? - more people joined & raised their voices..
...I want, I want, I want...some even stood to show they want it,...

Pst Sam asked the more...and the more he asked, the more people wanted it.

Then one young man stood up and ran towards Pst Sam...to take what he wants.

In life, many people want things & are just saying it...
Some say it everyday and in the hearing of others.

Unfortunately, they don't take steps to go find what they want. They sit and ask, and pray, and ask, and talk about what they want all day without action.

They want to start a biz, 5yrs now they've been saying it. No training.
Read 5 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us!

:(