ABCON SUPPORTS U.S. SANCTIONS ON TERRORISM FINANCING, PLEDGES COMPLIANCE

The Association of Bureaux De Change Operators of Nigeria (ABCON) has expressed support for recent United States sanctions targeting terrorism financing networks, assuring full compliance with regulatory requirements.

ABCON said the measures align with ongoing global efforts to curb illicit financial flows and strengthen the integrity of the financial system.

According to the association, Nigeria’s foreign exchange operators are committed to adhering strictly to anti-money laundering and counter-terrorism financing regulations issued by relevant authorities.

It noted that cooperation between local operators, regulators, and international partners is essential to identifying and blocking channels used to fund criminal activities.

The association also emphasized the need for continuous monitoring, reporting, and capacity building within the foreign exchange sector to ensure full compliance with global standards.

Financial experts say the sanctions highlight the increasing scrutiny of informal financial systems and the importance of stronger regulatory oversight.

ABCON reaffirmed its readiness to work with government agencies and international bodies to strengthen Nigeria’s financial security framework.

Stakeholders believe that improved compliance measures will help enhance investor confidence and protect the country’s financial reputation.