Anti-Money Laundering: Lawyers Reminded of Roles in Handling Matters on AML/CFT

Amby Uneze in Owerri

Lawyers in Nigeria have been advised to be conversant with the money laundering laws to escape from trouble.

The advise was given in Owerri, the Imo State capital, by the co-chair of the Nigerian Bar Association, Anti-Money Laundry (NBAAML), Committee, Prof. Ernest Ojukwu, during the Training of Trainers (TOT) Workshop on the Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT), and the use of the NBA AML Portal.

The workshop was organised by the African Center for Governance, Asset Recovery and Sustainable Development (the African Center), with funding support from the Africa Network for Environment and Economic Justice (ANEEJ) and the UK Foreign, Commonwealth and Development Office (UK FCDO).

He noted the training was centred on the steps being taken to support legal practitioners to meet their AML/CFT Compliance obligations, which one of it is the NBA AML Suspicious Transaction Reporting portal.

He advised the participants including representatives from the NBA branches in Imo and Abia States, comprising Owerri, Aba, Umuahia, Ohafia, Isiala – Ngwa, Ukwa, Okigwe, Orlu, Mbaise, and Mbano – Etiti, that their deep knowledge and practice of the AML and CFT laws would save them from running out of trouble from their clients.

The background of the workshop was carefully designed to strengthen the capacity of the NBA branches and compliance experts in understanding and applying AML/CFT standards.

It also serves as a gatekeeper in the fight against money laundering, terrorism financing, as illicit financial flows is critical in keeping Nigeria safe from financial crimes.

In their speeches and papers presented, the Deputy Project Director, African Centre for Governance, Asset Recovery and Sustainable Development, Nma Nnaobi-Ayodele; Program Officer, Jerusa Nimfel, Chris Ugwuala, among others, told the participants, as gatekeepers, to cascade their training knowledge in all money and property laundry issues, working through the NBAAMLC and strengthening necessary framework to reduce the risk of money laundering, adhering compliance requirements in national and international legal practice.

Papers presented included “Introduction to AML/ CTF: Overview of Global and Regional regime, by Chris Ugwuala; Legal and Regulatory Frameworks: Overview of the Rules of Professional Conduct (RPC) and other AM/CFT for lawyers in Nigeria, by Prof. Ernest Ojukwu, SAN.

Others included – Fundamentals of AML/ CFT for legal practitioners: Applying the Risk – based approach through Effective KYC and customer due diligence, by Moira Frank -Peterside; Reporting Obligations for legal Practitioners – (Suspicious Activity Reporting (SAR)/ Suspicious Transaction Reporting (STR), by Chris Ugwuala; Overview of the NBA AML Portal and guidelines on Reporting, by Jerusa Nimfel; among other areas.