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.
The directive is contained in a circular released on Thursday and signed by Chibuzo Efobi, director of CBN’s financial policy and regulation department.
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. “Furthermore, Democratic People’s Republic of Korea, Iran and Myanmar remain on the list of high-risk jurisdictions subject to “Call for Action”.
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