Overview

This document is a speech delivered by Chief (Dr) J. O. Sanusi, Governor of the Central Bank of Nigeria, at a conference on Anti-Money Laundering (AML) in ECOWAS on June 3, 2003. The speech outlines Nigeria's stance on AML compliance, emphasizing the importance of aligning with international standards. Sanusi discusses the threats posed by money laundering to financial systems and economic development, and highlights Nigeria's legislative efforts, including the Money Laundering Act of 1995 and subsequent amendments, as well as the establishment of the Economic and Financial Crimes Commission (EFCC). He calls for regional cooperation within ECOWAS to combat money laundering effectively and urges financial institutions to adopt robust KYC (Know Your Customer) policies. The speech also addresses the need for capacity building and information sharing among member states.

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