Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has cautioned lawyers to adhere to Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) regulations. Speaking at the 64th Annual General Conference of the Nigerian Bar Association (NBA) 2024 in Lagos, Olukoyede emphasized the importance of due diligence in legal practices.
He advised lawyers to thoroughly vet their clients to ensure that they are not involved in money laundering or other financial crimes. Olukoyede stressed that maintaining the integrity of the legal profession requires compliance with both international laws and local regulations.
The EFCC Chairman highlighted that lawyers are expected to receive payments from legitimate sources and warned that failure to adhere to these standards could lead to prosecution. He noted that even though the Money Laundering Act provides certain protections, lawyers must still follow financial regulations to avoid aiding or abetting crimes.
NBA President, Yakubu Maikyau, SAN, supported Olukoyede’s message, urging lawyers to embrace the guidance and work collaboratively with the EFCC in combating corruption.