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NNPC destroys 134 Illegal Refineries Recently

A destroyed refinery  By Favour Ifeoluwa & Akinola Ajibade  The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks.  Also, the company said  63 illegal pipeline connections were uncovered during the the weeks .  The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge.  According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation.  It further said that two large boats, which involve
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Cameroon, Korea, Two Others Engage In Money Laundering- Says CBN

CBN's Headquarters, Abuja

By Favour & Akinola Ajibade

The Central Bank of Nigeria (CBN) says  Cameroon, Croatia, Korea and Vietnam are some of the countries used for money laundering activities globally. 
The apex regulatory banking institution further said that individuals and organisations from those countries are used to launder money, urging Deposit Money Banks (DMBs) and other Financial Institutions (FIs) in Nigeria to monitor financial  transactions with individuals and agencies in the above listed nations. 
CBN, in a circular with reference number: FPR/AML/PUB/BOF/001/029, issued and signed by its Director, Financial Policy and Regulation Department,  Chibuzo A. Efobi, stated that 
Korea, Iran, and Myanmar remain on the list of high-risk jurisdictions, adding that Russia remains suspended from the Financial Action Task Force (FATF).
The circular reads: “The attention of banks and other Financial Institutions is drawn to the outcomes of Financial Action Task Force (FATF) Plenary conducted from June 21-23, 2023, and subsequent addition of Cameroon, Croatia, and Vietnam to the list of jurisdictions under ‘Increased Monitoring’.
Adding that: " Democratic People’s Republic of Korea, Iran, and Myanmar are on the list of high-risk jurisdictions, subject to ‘Call for Action.’ 
Consequently, enhanced due diligence should be applied and in severe cases, counter-measures may need to be implemented to safeguard the international financial system.”
“Additionally, we would like to emphasise that the suspension of the Russian Federation from the FATF remains in effect.
CBN, in the circular, directed Financial Institutions ( FIs) to be vigilant enough in order to deal with the emerging risks resulting from measures taken to protect the international financial system.
“In light of these developments, FIs are directed to note all additions to jurisdictions under ‘Increased Monitoring,’ as well as, high-risk jurisdictions subject to a ‘Call-for-Action’ and take necessary measures to mitigate these risks effectively.”CBN added.

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