Regulatory Alerts2022-11-10
Circular on Designation of Ten Individuals and Three Entities by the National Sanctions Committee to the Nigeria Sanctions List
The Securities and Exchange Commission, acting for the National Sanctions Committee, has designated ten individuals and three entities to the Nigeria Sanctions List under the Terrorism (Prevention and Prohibition) Act, 2022. Capital market operators must immediately identify, freeze, and report all related funds and assets to the committee’s secretariat while filing suspicious transaction reports with the NFIU. These preventive freezing obligations extend to directly or indirectly controlled assets and carry potential criminal, civil, and reputational liabilities for non-compliant financial institutions and designated non-financial businesses.
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