Regulatory Alerts2022-11-28
Added · Updated
Guidance on Money Laundering, Terrorist Financing and Proliferation Financing Vulnerabilities in Free Trade Zones
The Nigerian Financial Intelligence Unit issues guidance to Free Trade Zone Authorities, the Nigeria Customs Service, the Central Bank of Nigeria, and reporting entities to mitigate money laundering, terrorist financing, and proliferation financing risks. The document identifies specific vulnerabilities such as lax customs oversight, opaque beneficial ownership, and cash usage, while providing international typologies and red flags for detection. It recommends practical measures for supervisory authorities and financial institutions to enhance due diligence and reporting within Nigerian Free Trade Zones.