The Central Bank of Nigeria (CBN) has urged the nation’s commercial banks and other financial institutions to closely monitor their dealings with companies, people traveling to and from Cameroon, Croatia, and Vietnam, as well as with other countries.
Obasanjonews24 discovered this in a circular with the following reference, released by the nation’s central bank on Thursday: FPR/AML/PUB/BOF/001/029.
In a letter signed by Mr. Chibuzo Efobi, Director of Financial Policy and Regulation, it was requested that Nigerian banks and other financial institutions monitor their dealings with certain nations since the Financial Action Task Force, or FATF, had recently placed them on a “grey list.”
The Financial Action Task Force Plenary was held from June 21–23, 2023, and its conclusions led to the addition of Cameroon, Croatia, and Vietnam to the list of jurisdictions subject to “Increased Monitoring,” according to a portion of the Circular.
The circular states that Myanmar, Iran, and the Democratic People’s Republic of Korea are still on the list of high-risk countries that are subject to the “Call for Action.”
The goal of the request for due diligence in relation to transactions from the specified nations, according to CBN, is to protect the global financial system.
As a result, according to CBN, Russia’s FATF membership is still suspended.
Additionally, we would like to emphasize that the Russian Federation’s suspension from the FATF is still in place, the statement continued.
An multinational organization called the Financial Action Task Force was established with the goal of creating and promoting policies to stop money laundering, terrorism financing, and nuclear proliferation.
