Eurodad member Re:Common and partner Counter Balance have published a new briefing on the Emerging Capital Partners case and review of European law on money laundering. The briefing specifically highlights the corruption and money laundering case in Nigeria, involving private equity fund Emerging Capital Partners which has been financed by the European Investment Bank and several European DFIs. The case is commonly known as the Ibori case.
The briefing reviews the case against current proposals to strengthen European anti-money laundering law. It concludes that European Development Finance Institutions do not fully apply anti-money laundering law, thus opening a wide loophole in the legislation.
The briefing includes the following recommendations: