CBN makes terrorism financing supervision major priority

The Central Bank of Nigeria (CBN) has declared combating terrorism financing a top priority, in a bid to safeguard the nation's financial system from illicit activities. Acting Director of Corporate Communications and Investor Relations, Hakama Sidi-Alli, outlined the bank's new focus in a statement, which includes terrorism financing risk management, transaction monitoring, implementation of targeted financial sanctions, and reporting of suspicious transactions related to terrorism financing.

The CBN intends to employ a "risk-based supervisory approach," encompassing on-site and off-site monitoring, to bolster anti-money laundering and counter-terrorism financing measures across the financial sector. This initiative adheres to existing legal and regulatory obligations, and will be carried out in line with these legal frameworks.

The CBN's move to prioritize terrorism financing supervision is in support of Nigeria's ongoing domestic and international cooperation aimed at counter-terrorism financing, counter proliferation financing, financial integrity, and the protection of the financial system. The bank stated that additional supervisory engagements will be conducted as necessary.

The CBN's initiative is part of its ongoing efforts to shield Nigeria's financial system from illicit actors and bolster the country's financial integrity on both domestic and international scales.