PUNCH says the Central bank of Nigeria has asked deposit money banks and other financial institutions in the country to increase monitoring of transactions with businesses and persons in and from Cameroon, Croatia and Vietnam. According to CBN, Nigerian banks and other financial institutions need to watch transactions with those countries because they had been recently placed on a grey list by the financial Action task force.

The financial Action Task Force is an international body whose purpose is to develop and promote measures to combat money laundering, terrorist and proliferation financing. Any Country under increased monitoring is actively working with FATF to address strategic deficiencies In  its regime to counter money laundering, terrorists financing and profanation financing. The Apex also said that the Democratic republic of Korea, Iran, and Myanmar remain on the list of high-risk jurisdictions, which banks should closely monitor.

The CBN added that Russia remains suspended from the FATF and banks need to stay vigilant and beware of any risks from transactions with the listed countries. Earlier this year, Nigeria was also grey-listed by the FAFT but the country’s positive push to get out of the grey list has compelled the FAFT to slash Nigeria’s 84 identified deficiencies to 15.