- ‘ Cases of rape rise to 84% in Nigeria’
- Dana air crash update: 23 aircrash victims’ families yet to receive compensation
- Mimiko inaugurates new Mother & Child hospital today
- N4.56b pension scam: Female accused hospitalised,trial stalled
- Construction workers hail FG’s decision on Lagos-Ibadan expressway
- Senate adjourns plenary for 1 week, dissolves to Appropriation committee.
- Blackout looms as Egbin power plant breaks down
- FMBN, NEXIM, BOA, IB lose N47bn in 6 months - CBN
- FirstBank wins Nigerian Bank of the Year award
- PDP tackles ACN over Tukur’s comments
- Electricity workers threaten strike over Wamakko
- ‘NDIC prosecuted 55 directors, staff of micro finance banks in 2011’
- Judgment in Oni’s appeal stalled, re-fixed for Jan 8
- Slain banker: Deceased had only 3 wounds -Accused’s father
- Appointments: S/West not marginalised —FCC
Boko Haram: CBN steps up anti-terrorism financing measures
Written by Odidison Omankhanlen Monday, 06 August 2012
TO effectively check the intractable activities of the dreaded Islamic sect, Boko Haram, the Central Bank of Nigeria (CBN) has introduced far reaching anti-terrorism financing and anti-money laundering measures in the financial sector.
The move, according to the apex bank, was to safeguard the nation’s financial sector, particularly the banks and make them know more about their customers and those they do business with.
This is also against the backdrop of recent reports that terrorism financiers and money launderers were using some channels to carry out nefarious activities.
According to the circular, entitled “Additional Know Your Customers (KYC) requirements in respect of designated non-financial businesses and professions (DNFBPs),” signed by the Director, Financial Policy and Regulation Department, Mr Chris Chukwu, which was addressed to all banks and other financial institutions in the country, the CBN warned that all financial institutions were required, prior to establishing business relationships with DNFBPs, to obtain evidence of registration, such as certified registration showing registration number with the Special Control Unit on Money Laundering (SCUML) of Federal Ministry of Trades and Investments.
DNFBP, according to the CBN, refers to dealers in jewelry, precious metals and stones, car and luxury goods, audit firms, tax consultants, clearing and settlement companies, lawyers. notaries, other independent legal practitioners and chartered accountants, trust and company service providers, hotels, casinos, including internet and shi–based casinos.
Others are supermarkets, real estate agents, non-governmental organi-sations (NGOs), religious and charitable organi-sations or such other business and professionals as the Ministry of Trades and Investments, or appropriate regulatory authorities, from time to time designate.
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- ‘ Cases of rape rise to 84% in Nigeria’
- Dana air crash update: 23 aircrash victims’ families yet to receive compensation
- Mimiko inaugurates new Mother & Child hospital today
- N4.56b pension scam: Female accused hospitalised,trial stalled
- Construction workers hail FG’s decision on Lagos-Ibadan expressway
- Senate adjourns plenary for 1 week, dissolves to Appropriation committee.
- Blackout looms as Egbin power plant breaks down
- FMBN, NEXIM, BOA, IB lose N47bn in 6 months - CBN
- FirstBank wins Nigerian Bank of the Year award
- PDP tackles ACN over Tukur’s comments
- Electricity workers threaten strike over Wamakko
- ‘NDIC prosecuted 55 directors, staff of micro finance banks in 2011’
- Judgment in Oni’s appeal stalled, re-fixed for Jan 8
- Slain banker: Deceased had only 3 wounds -Accused’s father
- Appointments: S/West not marginalised —FCC
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NDLEA has been doing well in interdiction of drug trade but still has a lot to do to curb the activities of drug dealers. If the CBN measures are followed strictly, one major source of funds will be money from the sale of narcotics. Those who sell don't accept Cheques. It is strictly cash transaction and that makes cash available for other purposes.
Other areas could be sale of fake pharmaceuticals. Fake drugs are cheap but when they come into the country, the value is high and that raises more cash than the amount invested. It becomes available for other activities and these fake drugs too are weapons of war. A man that can unleash terror on a people might as well send fake insulin, fake drugs for hypertension or those diseases that could kill if not treated well. Using fake drugs is as good as not treating the illness at all. NAFDAC should wake up too to their responsibilities.
It is a collective effort and we should not only rely on the law enforcement officers to engage them with riffles but denying the group their source of funding will dry up the operations
We as Nigerians must wake up to our responsibilities not abusing the President as if the war is left for him alone. The Service Chiefs, Heads of Security Organizations are all doing their best because they were empowered by the President but as members of the public, we have our role to play, obey all rules of CBN, give information to the law enforcement officers , who should be patriotic too and who should not be agents to the group. The Security situation should not be politicized and other parties, even if they are in power, are they going to import new Army, Police, SSS to fight or are they going to use the same men we have. Are there actions they will take that the current President has mot taken. They should not play to the gallery but preach cooperation from the Elder States men, Nigerians, and we shall win.