On Thursday, 22nd November 2018, the Governor of the Central Bank of Nigeria (the “CBN Governor”) warned commercial banks not to breach anti-money laundering laws. He said this while addressing newsmen after the Monetary Policy Committee meeting in Abuja. The CBN Governor further warned that regulatory agencies were on alert to flag any money-laundering activities.
The warning from the CBN Governor underscores the need for banks and other corporate organisations to ensure compliance with anti-money laundering regulations in all their business activities by putting in place adequate anti-monetary laundering policies to guide their financial transactions. Corporate organisations should err on the side of caution by obtaining legal advice whenever they are in doubt about the legality of any financial transaction. Furthermore, appropriate anti-corruption due diligence should be carried out on business partners prior to the undertaking of such transactions.
The contents of this news alert are meant for the general information of our clients and friends and do not amount to legal advice. All enquiries on the subject may be made to: firstname.lastname@example.org
Adepetun Caxton-Martins Agbor & Segun
9th Floor, St. Nicholas House, Catholic Mission Street, Lagos Island, Lagos State, Nigeria.
Telephone: +234 (1) 462 2094; 462 2480; 740 6743 Fax: +234 (1) 461 3140