Nigeria Securities Commission Cracks Down on Terror Financiers

The Securities and Exchange Commission (SEC) has identified several individuals and entities involved in financing Boko Haram's terrorist activities. These individuals were convicted by the Abu Dhabi Federal Court of Appeal in 2019 for collecting funds in Dubai and sending them to Nigeria to support terrorism.

The SEC has frozen their assets and warned financial institutions to be vigilant. The commission emphasized that this move is preventive, aimed at disrupting terrorist funding networks.

The SEC also stressed that non-compliance with anti-money laundering and counter-terrorism financing rules will attract severe penalties, including fines and reputational damage. The directive applies to all financial institutions, including banks, insurance companies, and designated non-financial businesses.

The commission expects market operators to have systems that can quickly screen transactions, trace assets, and report suspicious activities. Failure to comply may lead to regulatory sanctions and damage to credibility in local and international markets.

Source: Channels Television

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