This session was convened to look into the new NBA Rules and Guidelines on Anti-Money Laundering and Terrorism Financing, as well as the role of the legal profession in the fight against the nefarious and deadly practice.
NEWSWIRE Law & Events Magazine’s correspondent in Abuja reports that the star-studded panel of distinguished speakers who gathered to discuss the topic was moderated by Yusuf Ali, SAN, and included the Lead Speaker in the person of the eloquent and ebullient Prof Ernest Ojukwu, SAN (Professor of Law and Partner at Ojukwu, Fatou &Yusuf); Prof. Roland Otaru, SAN (Partner at Otaru Otaru & Co.); and Prof. Bolaji Owasanoye, OFR, SAN, (Chairman of the Independent Corrupt Practices and Related Offences Commission, ICPC). Others are Mr. Modibbo R. Hamman Tukur (Director/CEO at the Nigerian Financial Intelligence Unit, NFIU); Mrs. Pearl Moses (Director of Compliance at Setfords Solicitors in the United Kingdom); and Mr. Boonyameen Babajide Lawal (Partner at the law firm of Babalakin & Co.)
In their respective opening salvos, the panelists all gave their individual perspectives on the reporting obligation provisions enshrined in the NBA Rules and Guidelines as a key to limiting the vulnerabilities of members of the Nigerian Bar Association.
In his lead presentation, Prof. Ojukwu, SAN, who is also a former Director of the Nigerian Law School, said the provision is part of international obligations that Nigeria had subscribed to and is duty-bound to adhere to. He advised lawyers to seek and verify the ownership of companies they represent – from the Board to the Directors, their lines of business and all necessary due diligence.
Also speaking, the ICPC Chairman, Prof. Professor Owasanoye maintained that lawyers must report suspicious financial transactions by their clients to relevant regulatory agencies.
While acknowledging the concerns expressed by lawyers that the Special Control Unit against Money Laundering (SCUML), the Rules of Professional Conduct and the NBA Rules and Guidelines on Anti-Money Laundering and Counter-Terrorism Financing would interfere with lawyer-client privilege, Owasanoye said, however, that said provisions were not targeted against lawyers but meant to reproduce international standards required in transactions. “Society expects you to care about the source of money with which you are paid legal fees,” he said.
Speaking in the same vein, a Senior Advocate of Nigeria, Mr. Roland Otaru said the essence of the Rules was to ensure transparency in transactions in this era in which money laundering and terrorism financing have become the norm rather than the exception.
In his summation, Ali, the moderator said it was high time lawyers self-regulated rather than wait for law enforcement agencies like the Nigeria Financial Intelligence Unit (NFIU) and others to do it for them.
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