July 7, 2023/CBN
The Central Bank of Nigeria (CBN) on Thursday warned banks and other financial institutions against the risk of transactions with Cameroon, Croatia and Vietnam.
This was contained in circular 09-46237427 with reference number FPR/AML/PUB/BOF/001/029 and signed by Chibuzo Efobi, director, financial policy and regulation, in a warning to banks and other financial institutions titled, ‘FATF Public Statement – Outcomes of FATF Plenary, 21-23 June 2023’ which was released on Thursday.
“The attentiion 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, Crotia and Vietnam to the list of jurisdictions under “Increased Monitoring.”
Additionally, 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 circular said.
