Anti-Money laundering legislation has become a major global issue, with nations and organisations under pressure to adhere and comply with strict control measures in place. The United States post 9/11 in league with other big Nations have been at the forefront of strict Anti-Money laundering initiatives, but a fair question to ask is how well the system is really doing? The implementation of the global AML framework is dependent upon the compliance of individual states, thereby making the presence of an adequate legal and institutional framework at national level a requisite requirement for an effective Anti-Money laundering system. Despite the incorporation of strict Anti-Money Laundering regulations into Nigerian laws, the misappropriation of Nigerian moneys, notably by public officials, has continued unabated. While the need for a concise and unambiguous harmonisation of international regulations cannot be overemphasised, and despite the concerted efforts in this regard, a trans-jurisdictional review by this researcher of both primary and secondary sources like conventions and academic literature have unearthed conceptual, legal, regulatory problems, as well as a seeming desire for theoretical, rather than practical compliance. In other words, global AML efforts seem more academic than practical. Accordingly, legal and regulatory reforms to International Anti-Money laundering initiatives can only be achieved with a proper appreciation of the culture and unique peculiarities of the receptive jurisdiction where emphasis is placed on the local environment rather than a mere response to International requirements for the sake of it. International AML regulations, and within this context, the FATF recommendations are meant for universal application, traversing the distinct quirks of diverse cultures, but the test here is its suitability or otherwise to the socio-cultural, political, economic and legal realities of Nigeria. The fleecing of Nigerian public moneys most notably by public officials has continued unabated despite the incorporation of strict AML laws