Recently, the Central Bank of Nigeria (CBN) has asked banks and other financial institutions to pay particular attention when conducting transactions with businesses and individuals in certain countries.
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The countries specified by the apex bank include Cameroon, Croatia and Vietnam.
The directive is contained in a circular released on Thursday and signed by Chibuzo Efobi, director of CBN’s financial policy and regulation department.
Efobi said the CBN’s decision to issue the warning is based on the resolutions reached at a recent plenary session of the Financial Action Task Force (FATF).
FATF is an intergovernmental policy-making body that seeks to combat money laundering and the financing of terrorism.
Also Read: CBN Sets N15,000 As Transaction Limit For Contactless Payments.
According to FATF, jurisdictions under increased monitoring are actively working with it to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.
Efobi further warned banks that Iran, Myanmar, as well as North Korea, officially known as the Democratic People’s Republic of Korea (DPRK), remain on the FATF’s “black list” of high-risk jurisdictions.
“The attention of banks and other financial institutions is drawn to the outcomes of the
Financial Action Task Force (FATF) Plenary conducted from June 21-23, 2023, and subsequent addition of Cameroon, Croatia and Vietnam to the list of jurisdictions under “Increased Monitoring,” the circular reads.
