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Football, Money-Laundering Vehicle – Study

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The multi-billion dollar global football sector has become a vehicle for money laundering and other forms of corruption, requiring an international response, a study published last week stated.
“Money laundering through the football sector is revealed to be deeper and more complex than previously understood,” said the Financial Action Task Force (FATF), an intergovernmental body formed to fight money laundering and terrorist financing.
The Paris-based group said its analysis found that “there is more than anecdotal evidence indicating that a variety of money flows and or financial transactions may increase the risk of money laundering through football.”
The football sector has in addition provided opportunities for other criminal activities such as trafficking in human beings and drugs, according to the FATF.
Based on responses to a questionnaire received last October from government and football authorities in 25 countries, more than 20 cases of football-related money laundering were detected, the task force said.
The cases ranged from the smuggling of large amounts of cash derived from apparently illegal transactions to more complex operations.
“Investments in football clubs can be used to integrate money of illegal origin in the financial system,” the study found. “Football clubs are indeed seen by criminals as the perfect vehicles for money laundering.”
Football since the early 1990s has undergone massive commercialisation through expanded television rights and corporate ownership. Player transfer payments have now reached “astounding dimensions,” the study said.
While there are no overall figures on the global financial scope of the football sector, the European market alone, according to the Deloitte Annual Review of Football Finance, was worth 13.8 billion euros (19 billion dollars), or 0.1 per cent European Union gross domestic product in 2007.
“The cross border money flows that are involved may largely fall outside the control of national and supranational football organisations, giving opportunities to move and launder money.”
Betting too enables huge flows of money to take place outside the control of governing bodies.
The FATF study found that “several cases linked to trafficking in human beings involve individuals directly or indirectly linked to the world of football.”
It described the circumstances surrounding the recruitment of players in Africa and Latin America as “unclear.”
And it said that with forbidden drugs and other substances now widely available over the Internet, there is expanded scope for organised crime to operate.
The study said that to fight corruption in football a greater understanding of the risks of money laundering associated with the game is needed on the part of government bodies and the private sector.
It argued that given the international nature of the sport, there should be greater standardisation of regulations governing management of the football sector worldwide.
“International cooperation and information sharing are key factors in the fight against money laundering” in football, the study also stressed.

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How Day Six Lifted Rivers At NYG

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Team Rivers added six more medals to their total haul on Day 7 of the National Youth Games in Asaba, Delta State. The medals include two gold and four bronze.
In 4×400 metres male, the quartet of Michael Aniche, Benjamin Progress (both 13), Willngton Majesty and Daniel Caleb (both 14) returned a time 3 mins, 26 secs to pick the gold medal.
In 4×400 metres girls, four 14-year-olds Osinachi Miracle Sunny, Queen Nwika, Esther Barasin and Valerie Amapakagbo, came third behind Delta and Anambra to get bronze.
Still in the relays, this time in the 4×100 metres for boys, 14-year-old Itoemugh Kingsley teamed up with Daniel Caleb, Michael Aniche and Gauis Expensive for yet another bronze medal performance.
Gaius Expensive, a 14-year-old SS3 student of Community Secondary School, Ogan-Ama narrowly surrendered second place to his Akwa Ibom counterpart to land his second bronze of the day, in the 200 metres boys, while age-mate Honest Dike of Baptist Vocational College, Ahoada also landed bronze in the 800 metres boys, behind Taraba and Gombe.
The second gold medal of the day for Team Rivers came in the final of baseball for boys. The team found themselves one run down before rallying to beat Kwara by 4 runs to 3.
The game which was almost marred by trouble was disrupted when the crowd, solidly behind the Rivers side perceived some fowl officiating.
However, the team, which according to Coach Fineface Fate and manager, Shaibu Adamson has been together for about a year, came from behind to win, with runs from Abdulkadiri Idowu, Yusuf Sodiq, Abdulfatai Abdullahi and Matthew Ayoola.
The games ended yesterday with the closing ceremony.

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Bakery Worker Secures Gold For Anambra In Asaba

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Anambra State Karateka, Goodluck Njoku defeated Joshua Ehiozubue from Lagos State with 7-0 points on Friday to win a gold medal in the 50kg boys karate event at the ongoing National Youth Games in Asaba, Delta State.
The newly crowned 50kg champion revealed that he works in the bakery to support himself and to avoid social vices.
The 13-year-old said that it was while he was on his way to work that he met Sensei Godwin Okoro who introduced him to karate. Making his debut at the 2023 Youth Games,
Njoku promised not to disappoint the state in future national championships, noting that this is just the beginning.
“I want to thank God Almighty for his goodness and mercies in my life. In my category, I was the shortest, and I still won the gold medal. During the holidays, I work in the bakery to support myself and my parents because I do not want to remain idle.
“I attend Okpoko Community Primary School, and after closing hours, I still go to the bakery to make a little money. One day, Sensei Godwin Okoro saw me and decided to introduce me to karate. I do not know what he saw in me, but I thank God he took me in.
“The state has given me the necessary exposure at the National Youth Games, and this is an opportunity to give back to the state via winning medals. I want to assure you that this is just the beginning of the success story,” he said.

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Squash Top Seeds Show Class At Classics

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Top seeds, Onaopemipo Adegoke and Rophiat Abudulazeez showed class after winning the maiden edition of the Bolatito Adeyemo Squash Classics held at the Teslim Balogun Stadium at the weekend.
Top 16 players made up of eight men and eight women competed at the two-day tournament.
Adegoke who recently won his first Professional Squash Association (PSA) tournament, defeated Gabriel Olufunmilayo 3-2 to clinch the men’s trophy.
Abudulazeez defeated Jadesola Olatunji 3-0 to reach the finals, while Adegoke defeated Kehinde Samuel by 3-0 to advance into the finals.
Abudulazeez defeated Mistura Durosinlorun 3-1 as she maintained dominance in the women’s category.
For her feat, Abudulazeez went home with N100,000 while Durosinlorun took N60, 000 home while Olatunji and Isaac humbly went home with N30,000 each.
“My trip to Namibia really got me tired but we can’t just ignore this tournament. My game in Namibia also helped but I’m really fagged out,” she said.
Adegoke said that training hard and having played in highly competitive tournaments in recent times have helped to keep him in form.
“Winning my first PSA title in Namibia was a dream come true, there was minus zero support from the audience but with God’s grace and a healthy mental strength I was able to keep it together,” he said.
Prize money for the men’s category is N130,000 while the second position goes home with N80,000 while the third position and fourth position goes home with N40,000 and N20,000 respectively.

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