CBN raises alarm over fake $1bn destined for Africa
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has informed banks and other financial institutions about the arrest of five individuals involved in currency counterfeiting totaling $1 billion. The funds were intended for African countries.
As a result of this development, the CBN has directed financial institutions to search their databases for any information related to the identified individuals, in accordance with the CBN Anti-Money Laundering, Combating the Financing of Terrorism, and Countering Proliferation Financing of Weapons of Mass Destruction in Financial Institutions Regulations.
The banks have been requested banks to check if they maintain any accounts or hold any funds or economic resources for the arrested individuals. They were equally asked to report suspicious transactions to the Nigerian Financial Intelligence Unit (NFIU) and submit NIL (No Information Available) reports to the unit if no such records exist. The directive from the CBN is to be implemented immediately.
The individuals involved in the currency counterfeiting are Dele Bolade, Samson Babaola (Nigerian and Swedish citizen), Kean Kwasi Arhin from Ghana, Netanel Jacob Weiss from the United Kingdom, BO Nils Olof Forsanker, and Peter Willi Herbert Schick, both from Sweden.
The CBN has intensified its efforts to combat money laundering activities and protect the financial system.
In July, the CBN advised banks and other financial institutions to be vigilant and alert to emerging risks in circumventing measures aimed at safeguarding the international financial system.
Following the Financial Action Task Force (FATF) plenary held between June 21-23, 2023, the CBN issued an administrative circular to banks, informing them of the addition of Cameroon, Croatia, and Vietnam to the list of jurisdictions under increased monitoring by FATF.
The CBN also highlighted that Russia’s membership suspension in the FATF remains in effect.
In response to this development, the CBN directed financial institutions to take note of the additions to jurisdictions under “Increased Monitoring” and high-risk jurisdictions subject to a “Call for Action.”
They were instructed to implement necessary measures to effectively mitigate these risks. The FATF is an international organization that sets global standards for preventing money laundering and terrorist financing.
Overall, the CBN’s actions demonstrate its commitment to combating money laundering and protecting the integrity of the financial system in Nigeria and African countries receiving the counterfeit funds.
