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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