NFIU Alleges Lawyers Assist in Crime Concealment
The Nigeria Financial Intelligence Unit’s (NFIU) Chief Operating Officer, Dr Emmanuel Shotande, alleges some lawyers assist criminal clients in hiding crime proceeds. At the NBA workshop in Abuja, Shotande noted that some lawyers assist clients in laundering illicit funds. He pointed out that certain lawyers assist their clients in buying properties for this purpose. This revelation underscores the need for stringent anti-money laundering measures within the legal profession.
Workshop on Anti-Money Laundering Guidelines
The NBA workshop, themed “Anti-money Laundering Guidelines: A Practical Approach for Legal Profession,” aimed to strengthen the NBA and EFCC relationship. This initiative focuses on combating corruption, terrorism financing, and fraud within the legal profession. Shotande urged lawyers to exercise caution when dealing with politically exposed persons.
Additionally, Shotande emphasized the importance of reporting transactions exceeding the legal threshold to the anti-graft agency. This measure is crucial for maintaining transparency and accountability. Lawyers are encouraged to be vigilant and proactive in identifying suspicious activities.
The workshop highlighted the need for strict adherence to anti-money laundering guidelines. Legal professionals play a vital role in preventing financial crimes. Effective collaboration between the NBA and EFCC is essential for achieving these goals.
This initiative is part of broader efforts to ensure lawyers do not unwittingly or knowingly assist in criminal activities.
Call for Lawyer-EFCC Collaboration
Shotande also called for enhanced collaboration between the NBA, NFIU, and EFCC. He emphasized that effective anti-money laundering efforts require active participation and diligence from legal practitioners. By reporting suspicious transactions and seeking clarification from relevant authorities, lawyers can play a pivotal role in curbing financial crimes. The workshop highlighted the importance of lawyers adhering to anti-money laundering guidelines and the rules of professional conduct to maintain the integrity of their profession.
NBA President’s Address
NBA President Yakubu Maikyau (SAN) urged lawyers to comply with the NBA’s anti-money laundering guidelines and the 2023 professional conduct rules. He highlighted that lawyers have a distinct responsibility to combat corruption because of their legal expertise. Maikyau identified shortcomings in current legal practices and recommended integrating anti-money laundering provisions into the professional conduct rules. This approach, he argued, would ensure lawyers are at the forefront of promoting legal and ethical standards in society.
Formation of Anti-Money Laundering Committee
Maikyau announced the establishment of the NBA Anti-Money Laundering Committee, which will liaise with law enforcement agencies and legal professionals. This committee will act as an intermediary, ensuring law enforcement requests to lawyers comply with confidentiality and fair hearing principles. It facilitates communication between lawyers and enforcement agencies, aiming to enhance the effectiveness of anti-money laundering efforts. Additionally, the committee protects legal practitioners’ professional obligations while promoting ethical standards.
EFCC’s Commitment to Collaboration
EFCC Chairman Olanipekun Olukoyede, represented by EFCC Director SCUML, Daniel Isei, affirmed the commission’s dedication to fighting fraud and corruption. Moreover, he highlighted the necessity of international collaboration in combating money laundering and other financial crimes. Furthermore, the EFCC plans to engage in awareness campaigns to educate Nigerians on the risks of financial crimes. Thus, this collaborative framework involving the NBA, NFIU, and EFCC aims to ensure a comprehensive approach to eradicating financial malfeasance.
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