Cameroun, Croatia, Korea and Vietnam have been added to the money laundering watch list of the Central Bank of Nigeria (CBN), according to a circular issued to deposit money banks (DMBs).
The Bank, thus, directed banks to increase monitoring of transactions with organisations and individuals in the country over money laundering.
The directive was given through a circular with reference issued by the Director, Financial Policy and Regulation Department, Chibuzo A. Efobi.
The CBN said Korea, Iran, and Myanmar remain on the list of high-risk jurisdictions, “subject to ‘Call for Action” and that Russia remains suspended from the Financial Action Task Force (FATF).
The CBN statement reads: “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 to 2023, and subsequent addition of Cameroun, Croatia and Vietnam to the list of jurisdictions under ‘increased monitoring’.
“Furthermore, the 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 circular emphasised that the suspension of Russia 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,” it said.
