Home News EFCC, NBA partner to prosecute lawyers helping client to launder funds

EFCC, NBA partner to prosecute lawyers helping client to launder funds


The Economic and Financial Crimes Commission, EFCC, has partnered with the Nigerian Bar Association, NBA, for the identification and prosecution of lawyers that assist criminals to launder illicit funds through the real estate sector.

This was disclosed at a workshop both organisation held in Abuja on Tuesday, to sensitise legal practitioners on the need to always conduct due diligence on prospective clients.

The EFCC Chairman, Kr Ola Olukoyede, said the partnership had become essential, in view of huge amount of illicit financial flows that are usually concealed as legitimate businesses, using the help of lawyers.

Represented by the Director of the Special Control Unit against Money Laundering, SCUML, Mr Daniel Osei, Olukoyede said money laundering and terrorism financing are major challenges the country is facing.

“The framework of collaboration is an international requirement. No agency or body can do it alone,” he added.

In his remarks, the NBA President, Mr. Yakubu Maikyau, SAN, urged lawyers to always observe the Anti-Money Laundering Guidelines and ensure that they strictly adhere to the rules of professional conduct while handling financial transactions.

He said the legal body would constitute a committee that would specialize on treating issues pertaining to compliance of lawyers with all the relevant anti-money laundering legislations.

“We are in a better position to give direction in this regard. That is why, when we came on board, we decided that our responsibility in this regard is to make the anti-money laundering guidelines and the counter-terrorism guidelines part of our rules of professional conduct.

“We should take the lead in the fight against corruption. We should actually be the ones advising the EFCC, NFIU and all other agencies on how to deal with the issues of corruption.

“It is an aberration that the EFCC is telling us what to do,” the NBA President added.



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