CBN directs banks to report transactions by terror groups
The Central Bank of Nigeria (CBN) in order to put to effect the recent proscription of some Islamist terror groups has directed all deposit banks in the country to not to have any dealings with the proscribed groups.
The banking sector regulator also directed that banks should disclose whatever details about affected organizations that may be in their system forthwith.
The Federal Government had on May 24, 2013, gazetted the official proscription of Jamaatu Ahlis-Sunna Liddaawati Wal Jihad, popularly known as Boko Haram, and Jama'atu Ansarul Muslimina Fi Biladis Sudan or Ansaru.
The directive was contained in a letter to the banks and other financial institutions dated June 10, 2013, and signed by the CBN Acting Director of Financial Policy and Regulation Department.
The proscription order warned the general public 'that any person or group of persons participating in any manner whatsoever in any form of activities involving or concerning the prosecution of the collective intentions or otherwise of the said groups, will be violating the provisions of the Terrorism Prevention Act 2011, as amended, and liable to prosecution.'
In the circular to the banks, CBN said, 'All banks and other financial institutions are by this letter required to check their database for the names Jamaatu Ahlis-Sunna Liddaawati Wal Jihad, popularly known as Boko Haram and Jama'atu Ansarul Muslimina Fi Biladis Sudan,' as well as their associates, and report same to the CBN.