This paper reviews the current status of the international fight against money laundering and the financing of terrorism, highlighting the importance of their prevention for economic and financial stability. It synthesizes the recent history of international legislation and agreements with respect to the issues and presents the framework of public and private sector actors engaged in combating money laundering and terrorism financing.

The paper also reviews Nigeria's compliance with the Financial Action Task Force Recommendations and analyzes the actions undertaken by the country to comply with the requirements. Evidence shows that while Nigeria has made some significant progress in combating various typologies of money laundering and the financing of terrorism, important work remains to be done, particularly regarding the coordination of national agencies and streamlining of processes for mutual legal assistance.

The role of the Green Climate Fund in joining the international community in the fight against money laundering and terrorism financing and the provisions for referrals of cases to competent national authorities are highlighted. The paper also provides reflections on new and emerging international threats, especially those related to technological innovations. Given the cross-jurisdictional nature of these crimes, it is important to consider an enhanced system of risk management at the national level, provide for technical support to countries in the region, and the design of coordinated international responses to financial crimes and the financing of terrorism to ensure long-term financial sector integrity and macroeconomic stability.