The Central Bank of Nigeria (CBN) has elevated the supervision of terrorism financing risks to a current supervisory priority as part of its ongoing efforts to protect the country’s financial system from abuse by illicit actors.
The apex bank disclosed this in a statement issued on Tuesday and signed by its Acting Director, Corporate Communications and Investor Relations Department, Mrs Hakama Sidi-Ali.
According to the statement, the enhanced supervisory focus covers terrorism financing risk management, transaction monitoring, implementation of targeted financial sanctions and the reporting of suspicious transactions related to terrorism financing.
“The Bank will continue to apply a risk-based supervisory approach, including on-site and off-site engagement, to support effective AML/CFT/CPF controls across the financial sector in line with existing legal and regulatory obligations,” the CBN said.
It explained that the strengthened supervisory focus was also aimed at supporting Nigeria’s domestic and international cooperation in the areas of counter-terrorism financing, counter-proliferation financing and financial integrity.
The bank said the initiative was equally intended to strengthen the protection of the Nigerian financial system against illicit activities.
“This supervisory focus also supports Nigeria’s ongoing domestic and international cooperation on counter-terrorism financing, counter-proliferation financing, financial integrity, and the protection of the financial system,” the statement said.
The CBN added: “Further supervisory engagement will be undertaken as appropriate.”
The move underscores the apex bank’s continued emphasis on strengthening anti-money laundering, countering the financing of terrorism and counter-proliferation financing controls within Nigeria’s financial sector.
