The first thing that needs to be done is the creation of a new "moderation queue" group. This can be done under the ACP > Users and Groups > Manage Groups > Great New Group.
In this example, I created the group already as "Registered users on moderation queue."
Then go to "group forum permissions."
Select the group from the dropdown.
Check "all forums" on the next form.
Set the permissions to "On the moderation queue" for all public forums. For private moderator forums, set permissions to "No access."
Then finally, press "Apply all permissions" on the bottom of the page.