Barbara Bako, Abuja.
The Central Bank of Nigeria (CBN) has stepped up its supervision of terrorism financing risks across the financial sector as part of measures to strengthen the integrity of the nation’s financial system.
The apex bank, in a statement signed by the Ag. Director, Corporate Communications and Investor Relations Department, Mrs Sidi-Ali Hakama, on Tuesday, said terrorism financing supervision had become a current priority, covering risk management, transaction monitoring, implementation of targeted financial sanctions and reporting of suspicious transactions linked to terrorism financing.
According to the CBN, it will adopt a risk-based approach through both on-site and off-site supervisory engagements to ensure financial institutions maintain effective anti-money laundering, countering the financing of terrorism and countering proliferation financing controls in line with existing laws and regulations.
The Bank said the move also aligns with Nigeria’s domestic and international efforts to combat terrorism financing, strengthen financial integrity and prevent the financial system from being exploited by illicit actors.
It added that further supervisory engagements would be conducted where necessary.
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