Nigeria’s central bank places Cameroon, other countries on money laundering watch list
The Central Bank of Nigeria, CBN has warned Deposit Money Banks and other Financial Institutions in the country to increase monitoring of transactions with businesses and persons in Cameroon, Croatia and Vietnam.
CBN gave the instructions in a circular with ref: FPR/AML/PUB/BOF/001/029, which was issued by the Director of Financial Policy and Regulation, Chibuzo Efobi.
According to the circular, the warning followed the Financial Action Task Force, FATF, plenary conducted from June 21-23, 2023, where Cameroon, Croatia and Vietnam were enlisted under the “Increased Monitoring” group.
“The attention of banks and other financial institutions is drawn to the outcomes of Financial Action Task Force Plenary conducted in June and subsequent attention of Cameroon, Croetia and Vietnam were listed,” the Circular said.
It further stated that, “The Democratic People’s Republic of Korea, Iran and Myammar remain on the list of high-risk jurisdictions, subject to ‘call for action’.
Regarding Russia, the apex bank said the country remains suspended from FATF, and banks need to stay vigilant and beware of any risks from transactions with the listed countries.
A recent statement from the Nigerian Financial Intelligence said the country’s positive push to get out of the grey list has compelled the FATF to slash Nigeria’s 84 identified deficiencies.
