Details of how new £210m Abacha loot to be shared revealed

Details of how new £210m Abacha loot to be shared revealed

- Newly discovered Abacha loot is expected to be shared between the government of Nigeria, US and Jersey

- The money was frozen since 2014 before it was eventually released

- Several monies stached away by the former head of state has been recovered over the years

Nigeria, the United States and Jersey in the UK are expected to share £210 million belonging to late head of state, Sani Abacha.

According to the BBC, the funds which were frozen in 2014 were held by a Shell company called Doraville.

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Following a five-year wrangle, the money was recovered and will be shared by Jersey, the United States and Nigeria.

It has however not been revealed how much each government will receive.

A spokesman for Jersey’s Law Officers Department was quoted as saying it faced “challenges and appeals” all the way to Jersey’s highest court, as well as “separate proceedings” by a third party in US court. earlier reported that laundered funds by Abacha was seized from a Jersey bank, Channels Islands, by a British court.

Attorney General Robert MacRae said the funds were retrained at the request of the US through whose banking system the money was laundered into the country.

He also added that through the confiscation, the Jersey government has shown its intolerance for money laundering and international financial crime.

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“In restraining the funds at the request of the United States of America, through whose banking system the funds were laundered prior to arriving here, and in achieving the payment of the bulk of the funds into the Civil Asset Recovery Fund, Jersey has once again demonstrated its commitment to tackling international financial crime and money laundering,” he said. ( -> We have upgraded to serve you better

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