and regulatory activities, with a strong effort on enforcing anti - money laundering compliance by the financial sector. the cbn has, in recent times, equipped staff in the sensitive operational areas of the bank with tools that facilitate identifying and tracking the activities of money launders in the financial sector. after the september 11, 2001, attack on the world trade center, united states of america, the global efforts at surveillance increased, with the financial action task force ( fatf ) setting guidelines for identification, monitoring and tracking anti - money laundering activities. the fatf and the united states department of treasury ’ s financial crimes enforcement network ( fincen ) came up with detailed strategies for addressing the menace. these strategies are based on the belief that intensified surveillance will stop the criminals and terrorists using the organized banking services for their funding network, if the operators are vigilant and follow the guidelines established with adequate legislation to back them up. the fatf at its extraordinary, plenary meeting of 29 - 30 october, 2001, agreed to develop special guidelines for financial institutions in the detection of the techniques and mechanisms used in the finance of terrorism. the fatf has since come up with the guidelines and has visited countries with poor legal frameworks, such as nigeria. it has advised and even threatened to blacklist non - cooperating countries, including nigeria. the goal in providing these guidelines is to ensure that financial institutions do not unwittingly hide or move terrorist and criminal funds. this paper which addresses the cbn ’ s standpoint on anti - money laundering compliance, is structured into four sections, with the introduction being section 1. in section 2 we discuss the legal framework on money laundering, with emphasis on the recent amendment to the banks and other financial institutions act ( bofia ). while section 3 focuses on the areas of concern for the cbn. in section four we make some recommendations and concluding remarks. 2. the legal framework on money laundering as specified in bofia nigeria took a bold initiative in the 1980s, to enact the national drug law enforcement agency ( ndlea ) act, no. 48 of 1989. this was to set the stage in confronting the menace of money laundering on economic activities, and to comply with the vienna convention. again, in 1994, the government took another bold step to address bank failure, through checking the activities of money launderers and abuse by insiders in the banking sector, by promulgating the failed banks ( recovery of debt and financial malpractice in banks

. the central bank of kenya through its capacity building arm – the kenya school of monetary studies ( ksms ) intends to develop a certified agricultural finance program in collaboration with compete – usaid. this program will be suitable for agricultural officers as well as credit officers. this is important in developing the critical mass of human capital that fully understands agribusiness, such as agribusiness cycles, risk management practices, farm cash - flows and finance and insurance. this will support farmers and also develop a strong drive to lift the policy paradigm in this area. but the wider scope of monetary policy support is not in doubt. finally, distinguished guests, ladies and gentlemen, i would like to conclude my brief remarks by wishing all of you fruitful deliberations this morning. thank you very much for your kind attention.