Regulatory Alerts2021-01-01
Added · Updated
Advisory on FATF-Identified Jurisdictions Under Increased Monitoring (October 2021)
The Nigerian Financial Intelligence Unit updates the list of jurisdictions under increased monitoring to reflect the Financial Action Task Force's October 2021 assessment, adding Jordan, Turkey, and Mali while removing Botswana, Mauritius, and Zimbabwe. Reporting Entities and Competent Authorities are advised to exercise caution when establishing business relationships or conducting financial transactions with the identified jurisdictions, including Albania, Barbados, Cambodia, and others listed. This advisory requires financial institutions to review and adjust their Risk-Based Approaches and obligations regarding these high-risk jurisdictions to mitigate money laundering and terrorist financing threats.