BREAKING: CBN Places These Countries On Money Laundering

BREAKING: CBN Places These Countries On Money Laundering

The Central Bank of Nigeria (CBN) has issued warning to commercial banks and other financial institutions against the risk of business transactions with Cameroon, Croatia and Vietnam.

Chibuzo Efobi, director, financial policy and regulation, CBN, gave the warning in an administrative letter to banks and other financial institutions titled, ‘FATF Public Statement – Outcomes of FATF Plenary, 21-23 June 2023’ which was released on Thursday.

The letter stated that the attention of banks and other financial institutions is drawn to the outcomes of the Financial Action Task Force (FATF) Plenary conducted from June 21-23, 2023, and subsequent addition of Cameroon, Croatia and Vietnam to the list of jurisdictions under “Increased Monitoring.”

According to the letter, 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.

“We would like to emphasize that the suspension of the Russian Federation’s membership in the FATF remains in effect. Fls are to remain vigilant and be alert to possible emerging risks resulting from the circumvention of measures taken to protect the international financial system.

“In light of these developments, financial institutions are directed to Note all addition to jurisdictions under “Increased Monitoring” as well as high-risk jurisdictions subject to a “Call for Action” and take necessary measures to mitigate these risks effectively,” the letter said.