The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) and Other Financial Institutions (OFIs) in the country to be wary of transactions with businesses and persons in the Russian Federation, the Democratic People’s Republic of Korea, Iran and Cameroun.
The warning was contained in a circular referenced: FPR/AML/PUB/BOF/001/029, which was issued yesterday by the Director, Financial Policy and Regulation, Mr. Chibuzo Efobi.
According to the circular Nigerian banks and other financial institutions needed to watch transactions with those countries because they had been placed under the high-risk jurisdictions list by the Financial Action Task Force (FASTF). The FATF is the global money laundering and terrorist financing watchdog.
It sets international standards that aim to prevent these illegal activities and the harm they cause to society. Other countries on the list include: Democratic People’s Republic of Korea, Croatia, Vietnam and Myanmar.
The CBN said that its action flowed from the decisions taken by members of the FATF at a plenary which was held last month.
