Regulatory Alerts2023-06-01
Economic and Financial Crimes Commission (Special Control Unit Against Money Laundering Supervision of Non-profit Organizations that are at Risk of Terrorism Financing Abuse) Regulations 2023
The Attorney-General of the Federation issued these Regulations to establish a regulatory framework for the supervision of Non-Profit Organizations identified as at risk of terrorism financing abuse in Nigeria. The rules mandate that such organizations implement rigorous risk assessments, maintain detailed records, conduct staff and partner vetting, and adhere to targeted financial sanctions to prevent the misuse of funds for terrorist activities. Non-compliance with these obligations subjects entities and individuals to severe criminal penalties, including life imprisonment, substantial fines, and the revocation of registration.
Share