Nigeria: CBN Prepares Harsh Punishment for Banks Used for Money Laundering

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The Central Bank of Nigeria, CBN, has stated that it might blacklist banks and financial institution caught helping corrupt public officials and private individuals to launder money.

The Deputy Governor of the Central Bank of Nigeria in charge of Financial System Surveillance (FSS) , Mr. Okechukwu Joseph Nnanna, added that management and directors of such banks will be in trouble.

“Any bank which we discover has been used, or manipulated by criminals who launder money, corrupt politicians who launder money, that bank and directors would be held accountable.

“Not only paying fines, we can also ask them to be blacklisted and will never work in the financial system any more. That is a very severe punishment.

“People who finance terrorists come in different guises; they may be genuine businessmen who after a while may turn to be criminals but what is important is for the banks to make sure that the customer who comes to deposit money and withdraw money, they must know who he is. Not only knowing who he is, they must know his or her business.”

He spoke at a workshop organised by the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).

The Nation

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