Nigerian banks have been asked to be wary of transactions with businesses and persons in the Russian Federation, the Democratic People’s Republic of Korea, Iran and Cameroun.
The call was made on Thursday, July 6, by the Central Bank of Nigeria (CBN).
The warning was contained in a circular issued today by the Director, Financial Policy and Regulation, Mr Chibuzo Efobi.
According to CBN, the said countries have been placed under the high-risk jurisdictions list by the Financial Action Task Force (FATF).
The FATF is the global money laundering and terrorist financing watchdog. It sets international standards to prevent these illegal activities and the harm they cause to society.
Other countries on the list include the Democratic People’s Republic of Korea, Croatia, Vietnam and Myanmar.
The CBN said that its action flowed from the decisions taken by FATF members at a plenary held last month.
The circular reads in part:
“The attention of banks and other Financial Institutions is drawn to the outcomes of the Financial Action Task Force Plenary conducted from June 21-23, 3023 and the subsequent addition of Cameroon, Croatia and Vietnam to the list of jurisdictions under ‘Increased Monitoring.’
“Furthermore, Democratic People’s Republic of Korea, Iran and Myanmar remain on the list of high-risk jurisdictions, subject to ‘Call for Action.’
“Consequently, enhanced due diligence should be applied, and in severe cases, counter-measures may need to be implemented to safeguard the international financial system.
“Additionally, we would like to emphasise that the suspension of the Russian Federation from the FATF remains in effect.”
