“For such a request to be submitted to the Nigerian government,” said Imohe, “it would have to be transmitted though this embassy. The embassy has not received anything. Even if they had directly contacted the Nigerian government, the Nigerian government would have notified the embassy of what it has received and we have received nothing in that regard.”

“This isn't a loophole, this is failure to implement the sanctions appropriately,” says Victor Comras, a former terror-finance expert at the State Department. “He's been involved in terrorist financing. Let's put him out of business.”

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The U.S. Treasury Department would not answer questions about Nasco in Nigeria, nor would it answer questions about whether the U.S. has tried to do anything to get the government of Nigeria to act.

In a statement, the Treasury Department said, “There is a robust coalition of international partners working to choke off the flow of money to terrorists. ... 'Freezing' real property is a challenge for many countries given that countries often find it difficult to apply laws and procedures intended for liquid assets to real property.”

A year and a half ago, however, the Treasury Department was more willing to discuss Nasreddin. Asked about the efforts against Nasreddin in an interview with NBC News back then, Juan Zarate, then a senior U.S. Treasury official, said: “I think the efforts have been fairly successful.”

But back then, in 2003, NBC found another Nasreddin property operating openly — Hotel Nasco in Milan, Italy. Corporate records showed that the hotel, a four star property, belonged to Nasreddin and was operating openly.

Officials say it has been difficult for Italy’s government to take action.

Today, the Hotel Nasco is still open, and unsuspecting Americans who book a room in Milan may end up in a hotel owned by an alleged terrorist financier.

Lisa Myers is NBC's senior investigative correspondent. Aram Roston is an NBC investigative producer.

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