Assessing the effectiveness of International Anti-Money Laundering Measures; a study of Commercial Banks in Nigeria
Creators: name: Ahiauzu, Ndidi
Publisher: name: University of Surrey
Year: 2023

description: Efforts to tackle money laundering are consistently being intensified, evidenced by modified
description: systems and controls, the adaptation of legislation and the improved processes for
description: implementation of international best practice globally. The abundance of regulation and
description: standards notwithstanding, money laundering offences persist, putting international business
description: relationships, financial systems and the global economy at risk. Developing and lower income
description: countries are generally found to have more difficulty complying with international money
description: laundering standards.<br>
description: <br>
description: This thesis examines and determines the efficacy of domestic measures for curbing money
description: laundering, specifically focusing on Nigerian financial institutions, to ascertain and define
description: limitations in complying with the global anti-money laundering framework. The focus on
description: Nigeria is because of the prominent position it occupies in Africa, in terms of productivity,
description: population and economic prospects (including trade links) and as a ‘MINT’ nation. Nigeria has
description: a huge potential for both economic growth and internal development which has been
description: hindered in part by a narrative of its financial system being porous and, therefore,
description: inadvertently one which could taint the global financial system. The inadequacies which exist
description: remain, despite robust laws and policies designed to put the national standards at par with
description: the global standards many countries adopt.<br>
description: <br>
description: The thesis utilises a qualitative study consisting of interviews and focus group sessions to
description: examine and evaluate the role and impact of underlying social dynamics and ideologies in
description: either facilitating or inhibiting effective enforcement. The study has identified the need to
description: focus on improving technological infrastructure, human capacity development and a cultural
description: shift to support the existing legal framework in Nigeria. It draws on the findings from its
description: indepth examination through qualitative fieldwork to suggest that more effort should be put
description: into grassroot education, cohesive and stricter enforcement and professional training in order
description: to create a wholistic structure to assist with achieving soundness in the country’s financial
description: sector. This thesis contributes to the body of work which explores the global financial system
description: in the context of mandated compliance by concluding that effectiveness can only be
description: adequately measured by moving from absolute compliance as a tick-box to innovative
description: approaches to managing controls. Establishing and maintaining foundations and structures
description: around institutions should be deemed more crucial than merely evidencing compliance.<br>