The Nigerian Financial Intelligence Unit (NFIU) has issued an advisory to financial institutions, designated non-financial businesses, and professions, as well as their regulators, to be vigilant in detecting and preventing suspicious financial transactions linked to Dubai and Hong Kong.Travel guides
According to the NFIU, a recent study has identified Dubai and Hong Kong as emerging hotspots for illicit financial flows (IFFs) in the global financial landscape.
In response, the NFIU said it is urging financial institutions and other stakeholders to apply Enhanced Due Diligence (EDD), robust transaction monitoring, and comprehensive reporting measures to transactions linked to these cities.
“The increasing use of Dubai and Hong Kong as hubs for illicit financial flows poses a significant threat to Nigeria’s financial system,” said the NFIU. Travel guides
“We are committed to working with financial institutions and other stakeholders to detect, prevent, and report suspicious financial transactions.”
The NFIU’s advisory is aimed at mitigating the impacts of this emerging threat and vulnerability. The unit is exercising its statutory responsibility under the Nigerian Financial Intelligence Unit Act, 2018, to issue guidance and directives to financial institutions and other stakeholders.Travel guides
“We expect all financial institutions, designated non-financial businesses, and professions to take immediate action to enhance their due diligence and transaction monitoring capabilities,” the NFIU stated.
“This will help to prevent the abuse of our financial system and protect the integrity of our economy.”
The advisory applies to all financial institutions, designated non-financial businesses, and professions, as well as their regulators.
The NFIU said its move is a proactive step to address the growing threat of illicit financial flows and to protect Nigeria’s financial system from abuse.
By issuing this advisory, the NFIU aims to promote a culture of compliance and vigilance among financial institutions and other stakeholders, and to ensure that Nigeria remains a safe and secure environment for financial transactions
