By Ayomide Otitoju
The Central Bank of Nigeria (CBN) has intensified its supervisory focus on terrorism financing as part of efforts to prevent the country’s financial system from being exploited by illicit actors.
The apex bank disclosed this in a statement signed by its Acting Director, Corporate Communications and Investor Relations Department, Hakama Sidi-Ali.
The CBN said its heightened supervision would focus on terrorism financing risk management, transaction monitoring, implementation of targeted financial sanctions and reporting of suspicious transactions linked to terrorism financing.
It added that it would continue to apply a risk-based supervisory approach, including on-site and off-site engagements, to strengthen anti-money laundering, counter-financing of terrorism and counter-proliferation financing (AML/CFT/CPF) controls across the financial sector.
According to the bank, the measures will be implemented in line with existing legal and regulatory requirements.
The CBN said the initiative would also support Nigeria’s domestic and international cooperation on counter-terrorism financing and counter-proliferation financing, while strengthening financial integrity and protecting the financial system.
“Further supervisory engagement will be undertaken as appropriate,” the bank added.
The CBN said the initiative underscores its commitment to safeguarding the financial system against illicit activities and strengthening financial integrity at both domestic and international levels.
