Regulatory Alerts2021-02-01
Advisory Note on US Sanctions Against Australian Precious Stones Trader for Terrorism Financing
The Special Control Unit Against Money Laundering (SCUML) issued an advisory note to all Designated Non-Financial Institutions (DNFIs) in Nigeria, drawing attention to the US Department of Treasury's Office of Foreign Asset Control (OFAC) designation of Australian national Ahmed Luqman Talib and his company Talib and Sons for alleged terrorism financing. SCUML reminds DNFIs to continue conducting sanction screening of all their customers and highlights Nigeria's concern about the nexus between illegal mining, banditry, and terrorism financing. All properties and interests of these designated persons and company within Nigeria or under the control of Nigerian persons must be blocked and reported to the Nigeria Financial Intelligence Unit (NFIU), with a warning that engaging in transactions with them may also lead to sanctions.