Regulators | |
Regulators | |
6512 VIEWS | |
![]() |
Thursday, April 26, 2018 /12:20PM/CBN
Pursuant to the requirements of the Financial Action Task
Force (FATF) Recommendation 35 on effective, proportionate and dissuasive
sanctions and the Inter-Governmental Action Group against Money Laundering in
West Africa (GIABA) 2007 Mutual Evaluation recommendation that “Nigeria’s
sanctions regime should be reviewed and made to be proportionate and
dissuasive," the Central Bank of Nigeria (CBN) in collaboration with the
Office of the Attorney-General of the Federation (OAGF) have developed a robust
administrative sanctions regime.
The Administrative Sanctions Regime has been gazetted to
give it legal effect and ensure compliance with FATF and GIABA requirements.
Banks and other financial institutions are by this
circular, informed of the attached “CBN AML/CFT Administrative Sanctions
Regime” the application of which comes into effect as at the date of the
Gazette.
Kindly ensure compliance, please.