N.Korea, Iran, others come under CBN’s watch list over alleged money laundering

The Central Bank of Nigeria has requested that the country’s Deposit Money Banks and other financial institutions closely monitor any dealings with organisations and individuals in and from North Korea, Iran, Cameroon, Croatia, and Vietnam.

This was stated in a circular with the following reference: FPR/AML/PUB/BOF/001/029, which was released on Thursday by Mr. Chibuzo Efobi, Director of Financial Policy and Regulation.

Because those nations have just been added to the Financial Action Task Force’s “grey list,” according to the Central Bank of Nigeria, Nigerian banks and other financial institutions must keep an eye on any transactions with them.

The Financial Action Task Force is an international organisation whose goal is to create and support policies to prevent the financing of terrorism, money laundering, and proliferation.

The CBN also noted that any country under increased monitoring is actively working with the FATF to address strategic deficiencies in its regime to counter money laundering, terrorist financing, and proliferation financing.

The apex bank also said that the Democratic People’s Republic of Korea, Iran and Myanmar remain on the list of high-risk jurisdictions, which banks should closely monitor.

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The Circular reads in part, “The attention of banks and other Financial Institutions is drawn to the outcomes of Financial Action Task Force Plenary conducted from June 21-23, 3023 and 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.”

The CBN added that Russia remains suspended from the FATF, and banks need to stay vigilant and beware of any risks from transactions with the listed countries.

“Additionally, we would like to emphasise that the suspension of the Russian Federation from the FATF remains in effect.

“FIs are to be vigilant to 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, FIs are directed to note all additions 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 CBN said.

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