Because those nations have just been added to the Financial Action Task Force’s “grey list,” according to the Central Bank of Nigeria, Nigerian banks and other financial institutions must keep an eye on any transactions with them. The Financial Action Task Force is an international organization whose goal is to create and support policies to prevent the funding of terrorism, money laundering, and proliferation.
The Central Bank of Nigeria has requested that the country’s Deposit Money Banks and other financial institutions closely monitor any dealings with organizations and individuals in and from Cameroon, Croatia, and Vietnam. This was stated in a circular with the following reference: FPR/AML/PUB/BOF/001/029, which was released on Thursday by Mr. Chibuzo Efobi, Director of Financial Policy and Regulation.
In part, the Circular states, “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.
