Money Laundering: CBN Set To Sanction Nigerian Banks

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The Nigerian Apex Bank (CBN), has on Saturday, August 1, 2015, threatened to sanction money deposit banks that aid individuals to launder money.

The director, corporate communications, CBN, Ibrahim Mu’azu, in a statement stated that it is expected of banks to be watchful against money laundering given the report by the Global Financial Integrity group that ranks Nigeria as one of the 10 largest countries for illicit financial flows in the world, with an about US$15.7 billion of illicit funds annually.

“In the light of this avoidably negative commentary, we wish to draw the public’s attention to several protocols on illicit fund flows, money laundering and terrorism financing both in Nigeria and around the world and warn that the CBN will increase its vigilance to ensure that Nigerian banks are not used as conduits for illicit fund flows, especially in foreign currencies.”

According to the CBN, Nigerian banks have started controlling the acceptance of foreign currency cash deposits.

The Apex Bank further warned that the federal government will block every avenue to facilitate money laundering, corruption, and terrorism financing.



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