Central Bank of Nigeria Intensifies Anti-Money Laundering Compliance
Steady: 1 in the last 7 days
Updated thursday
The latest in this situation
How it started
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What happened
The Central Bank of Nigeria is intensifying efforts to combat the financing of terrorism and money laundering within Nigeria. This action was prompted by growing international concern over the source of funds for non-state actors. In response, the CBN has implemented policy reforms and measures to enhance its systems and processes.
From thesun.ng
Why it matters
The increased scrutiny from international bodies like the Financial Action Task Force puts pressure on Nigeria's financial institutions. The CBN's policy reforms aim to strengthen the country's financial system and combat illicit financial flows.
From thesun.ng
Who's involved
- Central Bank of NigeriaThe mandated institution responsible for executing Nigeria's national monetary and financial policy and regulating its financial system.
- Financial Action Task ForceIntergovernmental organization setting international anti-money laundering standards.
- NigeriaThe sovereign state where the financial reforms are taking place.
How it developed
Newest first. Tap a step to see who reported it.- Trials are underway to address concerns raised by the Financial Action Task Force regarding Nigeria's compliance issues.Sub-event
- The Central Bank of Nigeria rolled out a stronger supervisory framework in response to international compliance pressures.Sub-event
- Nigeria is preparing for FATF Mutual Evaluation, with the Ministry of Justice providing the legal foundation for the AML/CFT regime.Sub-event
CBN ramps up efforts to comply with FATF standards.1 source
Keep exploring
The entities involved
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Central Bank of Nigeria
central bank
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Financial Action Task Force
intergovernmental organization to combat money laundering and terrorism financing
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Related events
- The Central Bank of Nigeria implements reforms aimed at strengthening Nigeria's financial system.
- Government must follow FATF recommendations.
- The Central Bank of Nigeria and EFCC are monitoring public spending and fund utilization across Nigerian states.
- The Central Bank of Nigeria is identified as the central bank of Nigeria.
- CBN holdings are being divided between the Central Bank of Nigeria and the Federal Government of Nigeria.