The Central Bank of Nigeria has issued a directive to Deposit Money Banks and Other Financial Institutions in the country, urging them to increase their monitoring of transactions involving businesses and individuals from Cameroon, Croatia, and Vietnam.
This move comes after these countries were recently placed on a grey list by the Financial Action Task Force (FATF), an international organization focused on combatting money laundering, terrorist financing, and proliferation financing.
The circular, referenced as FPR/AML/PUB/BOF/001/029, was issued by Chibuzo Efobi, the Director of Financial Policy and Regulation at the Central Bank of Nigeria. It states that Nigerian banks and financial institutions should exercise caution when conducting transactions with these countries due to their inclusion on the FATF’s grey list.
Countries placed on the grey list are actively working with the FATF to address any deficiencies in their anti-money laundering and counter-terrorism financing measures. The Central Bank of Nigeria is therefore calling for increased vigilance and monitoring of transactions involving businesses and individuals from these countries.
Furthermore, the Central Bank of Nigeria has also highlighted that the Democratic People’s Republic of Korea, Iran, and Myanmar remain on the list of high-risk jurisdictions. Banks are advised to closely monitor transactions involving these countries as well.