Nigeria's SEC freezes assets of 13 entities suspected of terror financing

Capital Market Operators (CMOs) and Designated Non-Financial Businesses and Professions (DNFBPs) must now freeze all funds, assets, and economic resources connected to 10 individuals and three organizations. This action follows the designation of these entities on the Nigeria Sanctions List by the Nigeria Sanctions Committee. The Securities and Exchange Commission (SEC) issued a compliance directive based on the 경로 (pathway) 경로 (pathway) provisions of the Terrorism (Prevention and Prohibition) Act, 2022. Under Section 49 of the Act, the freeze must occur without prior notification to the affected clients. Operators must report all asset freezes and the attempted transactions of these listed entities to the Nigeria Sanctions Committee Secretariat. Firms that fail to comply with the following instructions are subject to civil and criminal liabilities, and reputational damage. Trading systems must now be capable of rapid name screening, asset tracing and reporting.