Regulatory Alerts2021-08-16
advisory Based On The Financial Action Task Force Identified Jurisdictions Under Increased Monitoring (june 2021)
The Nigerian Financial Intelligence Unit (NFIU) has issued an advisory based on the Financial Action Task Force (FATF)'s updated list of jurisdictions under increased monitoring as of June 2021. The advisory is to inform financial institutions and other stakeholders about the strategic deficiencies in the Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regimes of these jurisdictions. The NFIU advises caution when establishing business relationships or conducting financial transactions with entities or individuals from these jurisdictions. This advisory aims to guide Nigerian entities in mitigating AML/CFT threats and complying with international standards.