UK: Foreign Students Used For Money Laundering

The British Government has raised the alarm that foreign students in the United Kingdom (UK), are being used by some agents to launder illicit funds.

UK’s National Economic Crime Centre (NECC), said it recently discovered that international students’ bank accounts are being used as conduits for money laundering in the country.

It confirmed that students are usually targeted through social media platforms for the use of their accounts for third-party funds transfer, usually for a fee.

In a letter to the Federal Ministry of Education, the UK Consulate in Nigeria warned intending Nigerian students to UK against engaging in money laundering and other related criminal activities to avoid sanctions.

The UK government said in the letter that it recently discovered and froze 95 bank accounts, mostly belonging to international students, with over 3 million Euros deposits in 2019 alone.

The British Government, however, emphasized the need for students to be mindful of how their bank accounts are used, especially for the transfer of illicit funds as such acts would result in the termination of their studies and prosecution, when caught.

It stressed its resolve to take more concrete steps against the activities of money launderers, as prompted by its plan to reintroduce a post-study work visa for international graduate students, which is expected to increase the number of international students, including Nigeria.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: