Although the threat of blacklisting the country by the FATF did speed up the amendment process, the CBN and the Legislators were, however, committed to the amendment of the Money Laundering Law, so as to bring the country to the same level of compliance as found in the other jurisdictions.
More than that, it has highlighted the need for the providers of service, particularly banking services, to have a more responsible approach. Banking as a concept essentially rests on trust and confidence and no amount of legal remedies can substitute these.