The Central Bank of Nigeria (CBN) has issued a warning to commercial banks and other financial institutions regarding the potential risks associated with conducting business transactions involving Cameroon, Croatia, Vietnam, and other specified jurisdictions.
Chibuzo Efobi, the Director of Financial Policy and Regulation at the CBN, conveyed this warning through an administrative letter titled “FATF Public Statement – Outcomes of FATF Plenary, 21-23 June 2023,” which was released on Thursday.
The letter highlights the outcomes of the Financial Action Task Force (FATF) Plenary held from June 21-23, 2023. It specifically notes the inclusion of Cameroon, Croatia, and Vietnam in the list of jurisdictions categorized under “Increased Monitoring.” The Democratic People’s Republic of Korea, Iran, and Myanmar remain on the list of high-risk jurisdictions subject to a “Call for Action.” Consequently, enhanced due diligence is advised, and in severe cases, countermeasures may need to be implemented to safeguard the international financial system.
The letter emphasizes the ongoing suspension of the Russian Federation’s membership in the FATF and urges financial institutions to remain vigilant and alert to potential emerging risks resulting from attempts to bypass measures designed to protect the international financial system. In light of these developments, financial institutions are instructed to take note of all additions to the jurisdictions categorized under “Increased Monitoring” and the high-risk jurisdictions subject to a “Call for Action.” They are further directed to implement necessary measures effectively to mitigate these risks.
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