The Central Bank of Nigeria has warned Deposit Money Banks and Other Financial Institutions in the country to increase monitoring of transactions with businesses and persons in and from Cameroon, Croatia and Vietnam. It also reminded the financial institutions that Russian Federation was still banned from Financial Action Task Force (FATF). Nigeria's apex bank gave the instructions in a circular with ref: FPR/AML/PUB/BOF/001/029, which was issued on Thursday by the Director of Financial Policy and Regulation, Mr Chibuzo Efobi.
Nigeria’s Central Bank Places Cameroon, Croatia, Vietnam On Money Laundering Watchlist, Iran, Others On High-Risk ListIt also reminded the financial institutions that Russian Federation was still banned from Financial Action Task Force .
Nigeria's apex bank gave the instructions in a circular with ref: FPR/AML/PUB/BOF/001/029, which was issued on Thursday by the Director of Financial Policy and Regulation, Mr Chibuzo Efobi. The Financial Action Task Force , a global money laundering and terrorist financing watchdog requires countries to implement 40 recommendations which are considered to be international standards for combating money laundering and terrorist financing as well as the financing of the proliferation of weapons of mass destruction .
“Furthermore, Democratic People’s Republic of Korea, Iran and Myanmar remain on the list of high-risk jurisdictions, subject to ‘Call for Action.’ “Additionally, we would like to emphasise that the suspension of the Russian Federation from the FATF remains in effect.
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