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

importation of spares, plants and equipment needed to increase production capacities of these companies. let me emphasize that our mission through this initiative is to ensure that priority is accorded to companies who display verifiable progress in our imports substitution and job creation drive. consequently, we would soon unveil a new fx bidding regime that is market driven and supports companies that accord utmost priority for our local production and job creation drive. your excellencies, distinguished ladies and gentlemen, cheques will also be presented to the seven ( 7 ) participating financial institutions whose customers have been selected as pioneer beneficiaries under the ppp's first cycle. these beneficiaries are among the many who have submitted their notifications on the dedicated portal and their applications received from their banks. i would like to urge the beneficiaries to judiciously use the funds for the purpose for which they had indicated in their applications, as independent monitors and evaluators will be engaged to regularly follow up on the progress of the project, with particular focus on the socio - economic impact of the financed projects on their immediate community and the economy in general. your excellencies, distinguished ladies and gentlemen, before i conclude my remarks, permit me to seize this opportunity to announce that the next cycle for submission of applications for the 100 for 100 policy for production and productivity ( ppp ) will start tomorrow, february 1, 2022, and will be ending on april 30, 2022. i want to appeal to all prospective investors to take advantage of the huge opportunities provided for investment in the real sector under the ppp and approach their banks to submit their applications for participation under the initiative. in closing, let me thank the secretary to the government of the federation, his excellency, mr. boss mustapha, the honourable minister for industry, trade and investment, his excellency, otunba adeniyi adebayo con, and the honourable minister for labour and employment, his excellency, dr. chris ngige, for their support to the central bank of nigeria and its various interventions targeted at creating an enabling investment ecosystem. i would also like to commend the managing directors of all nigerian banks for their partnership in the successful implementation of our interventions as they continue to be the channel for the delivery of our mandates. my 3 / 4 bis - central bankers'speeches appreciation also goes to the manufacturers association of nigeria ( man ) whose support is critical to the successful