CBN warns banks against transactions with Cameroon, Croatia, others

The Central Bank of Nigeria (CBN) has issued warning to commercial banks and other financial institutions against the risk of business transactions with Cameroon, Croatia and Vietnam.

Chibuzo Efobi, director, financial policy and regulation, CBN, gave the warning in an administrative letter to banks and other financial institutions titled, ‘FATF Public Statement – Outcomes of FATF Plenary, 21-23 June 2023’ which was released on Thursday.

The letter stated that the attention of banks and other financial institutions is drawn to the outcomes of the Financial Action Task Force (FATF) Plenary conducted from June 21-23, 2023, and subsequent addition of Cameroon, Croatia and Vietnam to the list of jurisdictions under “Increased Monitoring.”

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According to the letter, Democratic People’s Republic of Korea, Iran and Myanmar remain on the list of high-risk jurisdictions subject to “Call for Action”. Consequently, enhanced due diligence should be applied, and in severe cases, counter-measures may need to be implemented to safeguard the international financial system.

“We would like to emphasize that the suspension of the Russian Federation’s membership in the FATF remains in effect. Fls are to remain vigilant and be alert to possible emerging risks resulting from the circumvention of measures taken to protect the international financial system.

“In light of these developments, financial institutions are directed to Note all addition to jurisdictions under “Increased Monitoring” as well as high-risk jurisdictions subject to a “Call for Action” and take necessary measures to mitigate these risks effectively,” the letter said.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.