Money Laundering: CBN Places Three Countries On Watch List

The Central Bank of Nigeria, CBN, has placed three three countries on its money laundering watch list.

The apex bank made the disclosure on Thursday through a circular released by ts Director, Financial Policy and Regulation, Mr Chibuzo Efobi.

The directive, with reference number FPR/AML/PUB/BOF/001/029, mandates the country’s deposit money banks and other financial institutions to raise their monitoring levels over transactions with persons and businesses from the named countries-cameroon, (Central Africa), Croatia (Central European) and Vietnan, (South East Asia).

“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,” the directive noted.

According to the CBN, there is need to beam the searchlight on transactions from the named countries given that they have recently been placed on the grey list of international financial watch dog, the Financial Action Task Force, whose responsibility it is to evolve and promote money laundering combating measures, counter terrorist and proliferation financing.

Among others, CBN also mandated the banks and financial institutions to look out for transactions from the Democratic People’s Republic of Korea, Iran and Myanmar as they remain on the list of high-risk jurisdictions.

“Furthermore, Democratic People’s Republic of Korea, Iran and Myanmar remain on the list of high-risk jurisdictions, subject to ‘Call for Action,” adding that “Consequently, enhanced due diligence should be applied and in severe cases, counter-measures may need to be implemented to safeguard the international financial system.”

Transactions from Russia, the CBN added, should also be watched as the country remains suspended from the FATF.

“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 apex bank advised.