Regulatory Alerts2023-08-01
Regulation for the Implementation of Targeted Financial Sanctions on Terrorism and Terrorism Financing, 2022
Issued by the Attorney-General of Nigeria under the Terrorism (Prevention and Prohibition) Act, 2022, these regulations establish a comprehensive framework for implementing targeted financial sanctions against terrorism and terrorism financing. The Nigeria Sanctions Committee is empowered to identify and designate individuals, groups, or entities based on reasonable grounds, triggering immediate asset freezes, travel bans, and arms embargoes while mandating financial institutions and designated non-financial businesses to monitor compliance and report to the National Financial Intelligence Unit. The regulations further standardize procedures for communicating designations, utilizing frozen funds, applying for delisting or unfreezing, and aligning domestic lists with United Nations Security Council resolutions to ensure seamless enforcement across Nigerian borders.