Good practices for transparency in monetary and financial policies 465. The principles contained in the Code of Good Practices on Transparency in Monetary and Financial Policies emphasise desirable transparency practices for the central bank and other financial institutions. They define legal, policy, institutional, economic and information-related frameworks to make information available to the public and assure accountability and integrity. The relevant elements of compliance are discussed under objectives 2 and 3. Bank supervision and restructuring of the banking system 466. The CRM believes that Nigerian authorities, and particularly the CBN, have taken steps to address the gaps and shortcomings identified by the IMF/ World Bank Financial Sector Assessment Programme (FSAP) mission. These related to consolidating the banking subsector, introducing risk-based supervision, introducing capacity building for supervisors, and revising prudential regulations. The consolidated banking subsector shows that stability, better access and efficiency are possible in the near future. Fighting corruption and money laundering 467. Nigeria has adopted many UN declarations, conventions and codes to fight corruption, bribery, money laundering and transnational organised crime, among others. 468. In July 2004, at the third ordinary session of the AU, Nigeria adopted the Organisation of African Unity (OAU) Convention on the Prevention and Combating of Terrorism. This is relevant to economic governance as it has a bearing on terrorist financing. 469. The resolve of the Nigerian government to stamp out corruption and money laundering prompted the ratification of all standards and codes relating to these vices. The EFCC, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and other agencies of government that deal with corruption and money laundering have spearheaded efforts to achieve compliance with relevant international standards and codes. 470. Nigeria has been cooperating with international agencies to fight corruption and money laundering, and has signed a number of multilateral instruments, conventions, protocols and codes. Following the progress in implementing anti-money laundering reforms, the Financial Action Task Force (FATF), which is the investigative arm of the OECD, removed Nigeria from its list of countries and territories that are not cooperating in the global effort to fight money laundering and the financing of terrorism on 23 June 2006. 471. Objective 4 covers Nigeria’s compliance with the relevant standards and codes for the reporting of suspicious transactions, dissuasive sanctions, and approaches to dealing with natural and legal persons with regard to corruption, money laundering and the financing of terrorism as defined by the FATF. 149