…Kicks against regulatory control of the legal profession
The President of the Nigerian Bar Association (NBA), Mr. Yakubu Chonoko Maikyau, has emphasized that lawyers are best positioned to lead the fight against money laundering and terrorism financing within the existing legal framework.
The NBA President made these remarks during the ongoing National AML/CFT/CPF Compliance Retreat organized by the Nigerian Financial Intelligence Unit (NFIU) in Abuja.
In a press statement signed by Akorede Babeeb Lawal, the NBA’s National Publicity Secretary, and shared via Twitter, Mr. Maikyau refuted the narrative that legal professionals obstruct the fight against illicit transactions or are actively involved in such activities.
He asserted that such claims are entirely false and only serve to tarnish the profession’s reputation, stressing that the legal profession’s engagement and cooperation are essential for the success of this battle.
“There is no evidence to support the sweeping generalization that lawyers are complicit in these illicit activities. In fact, those perpetuating such claims are either working against or ignoring the necessary measures required to achieve success in this fight,” said Maikyau.
Mr. Maikyau further stated that the NBA will regulate its members independently in addressing concerns related to money laundering and terrorism financing. However, he firmly stated that the NBA will not support any arrangement that subjects the legal profession to the regulatory control of third parties.
Regarding the recently passed Rules of Professional Conduct (RPC) for Legal Practitioners in 2023, Mr. Maikyau highlighted the NBA’s recognition of the risks posed by money laundering and terrorism financing to the legal profession’s integrity.
He noted that Part 2 of the new rules incorporates guidelines and rules on anti-money laundering and combating the financing of terrorism, providing a structure for their implementation by legal practitioners.
“I invite the NFIU to collaborate with the NBA in organizing training sessions and workshops on these guidelines to ensure their smooth and effective implementation. Unless there are clear cases of breach, I urge the NFIU to focus on educating our members based on the new RPC, rather than solely targeting law firms, with the aim of fostering a culture of compliance,” Maikyau added.
Mr. Maikyau extended an invitation to the NFIU to attend and sponsor its members at the upcoming 2023 Annual General Conference of the NBA, themed “Getting it Right: Charting the Course for Nigeria’s Nation Building,” scheduled from 25 August to 1 September 2023. During the conference, a session on AML/CTF/CPF Guidelines and Regulations will be held, providing an opportunity to lay the foundation for collaboration between the NBA and the NFIU.
