Nigeria’s ABUJA – Commercial banks and other financial institutions have received a warning from the Central Bank of Nigeria (CBN) on the dangers of doing business with Cameroon, Croatia, and Vietnam.
This warning was issued due to the Financial Action Task Force, or FATF, adding these nations on a blacklist of nations subject to “Increased Monitoring.”
The declaration was issued on Friday, July 7, 2023, in a letter headed “FATF Public Announcement – Results of FATF Plenary, 21-23 June 2023,” written by Chibuzo Efobi, Director of Financial Policy and Regulation at the CBN. The letter, which was disclosed on Thursday, was written to banks and other financial organizations.
Cameroon, Croatia, and Vietnam were added to the list of monitored countries due to the FATF Plenary, which took place from June 21–23, 2023.
The Democratic People’s Republic of Korea, Iran, and Burma continue to be on the list of high-risk countries that are the subject of a “Call for Action,” according to Efobi’s letter.
To safeguard the global financial system, financial institutions are recommended to exercise more due diligence and, in extreme circumstances, adopt countermeasures.
The letter also underscored the Russian Federation’s prolonged suspension from FATF membership. Financial institutions are warned to be on the lookout for growing dangers that might result from efforts to get around security measures meant to protect the global financial system.
Efobi wrote in the letter’s conclusion, “In light of these developments, financial institutions 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 actions to mitigate these risks effectively.
