NBA, Govt Agencies Agree To Tackle Money Laundering, Financing Of Terrorism

The Nigerian Bar Association (NBA) and partners have agreed to
play their part to ensure that the fight against money laundering
and financing of terrorism is won.

The resolution was reached at a workshop which took place in
Abuja, organised by the Centre for Fiscal Transparency and
Integrity Watch (CFTIW).

The Central Bank of Nigeria (CBN), Nigerian Financial
Intelligence Unit (NFIU), Special Control Unit Against Money
Laundering (SCUML), the civil society, among others attended.

With the negative effects of corruption, money laundering,
terrorist financing within financial, non-financial institutions
and other professions, the Financial Action Task Force (FATF) and
United Nations Convention Against Corruption (UNCAC) are applying
measures.

CFTIW Director, Umar Yakubu stressed that Nigeria being an
integral member of the global community is bound by the preventive
actions.

“The support of legal practitioners and the legal community are
key in order to foster cooperation between the NBA, the judiciary,
anti-corruption agencies, regulators, and civil society groups”,
Umar noted.

The participants admitted Nigeria’s deficiencies regarding
inter-agency collaboration, sustained oversight and common
definition of designated non-financial institutions.

They highlighted that the establishment of the SCUML under the
Ministry of Industry, Trade and Investment, though laudable, may
have missed the mark.

Participants cited how blacklisted countries are subjected to
sanctions by FATF member-states and international
organizations.

The stakeholders said these would affect trade and finance, in
addition to the dent on Nigeria’s credibility, decline in global
business networks, and the attendant financial hardship.

In a communique, they agreed to scale up capacity building
sessions for NBA members to improve awareness on the Anti-Money
Laundering/Combating the Financing of Terrorism (AML/CFT) Act.

The gathering called for deeper synergy between CBN, NFIU, SCMUL
and NBA to further clarify, define and establish clear compliance
with the Act.

The lawyers urged agencies involved in the AML/CFT
implementation to foster better engagement with partners such as
the NBA Anti-Corruption Committee.

The professionals, however, commended the association for
exploring options for a self-regulatory billing system.

“That NBA members consider themselves as being on the same team
on AML/CFT matters, establish and strengthen the capacity of
anti-corruption units in all branches.

“That parties should cooperate to lobby the National Assembly to
pass the relevant law which provides for an electronic whistle
blowing portal, and protects whistle blowers.”

“That the global importance of AML/CFT requires for a continuing
capacity-building training involving law enforcement agencies,
lawyers and regulatory agencies.”

Lawyers were asked to guarantee attorney-client confidentiality
as covered by extant regulations while using their experience and
knowledge duty to combat crime and criminality.

The communique endorsed regular sensitization for the Body of
Benchers due to its statutory role of adjudicating AML/CFT matters
and monitoring lawyers’ conduct.

The Nigerian Bar Association (NBA) and partners have agreed to
play their part to ensure that the fight against money laundering
and financing of terrorism is won.

The resolution was reached at a workshop which took place in
Abuja, organised by the Centre for Fiscal Transparency and
Integrity Watch (CFTIW).

The Central Bank of Nigeria (CBN), Nigerian Financial
Intelligence Unit (NFIU), Special Control Unit Against Money
Laundering (SCUML), the civil society, among others attended.

With the negative effects of corruption, money laundering,
terrorist financing within financial, non-financial institutions
and other professions, the Financial Action Task Force (FATF) and
United Nations Convention Against Corruption (UNCAC) are applying
measures.

CFTIW Director, Umar Yakubu stressed that Nigeria being an
integral member of the global community is bound by the preventive
actions.

“The support of legal practitioners and the legal community are
key in order to foster cooperation between the NBA, the judiciary,
anti-corruption agencies, regulators, and civil society groups”,
Umar noted.

The participants admitted Nigeria’s deficiencies regarding
inter-agency collaboration, sustained oversight and common
definition of designated non-financial institutions.

They highlighted that the establishment of the SCUML under the
Ministry of Industry, Trade and Investment, though laudable, may
have missed the mark.

Participants cited how blacklisted countries are subjected to
sanctions by FATF member-states and international
organizations.

The stakeholders said these would affect trade and finance, in
addition to the dent on Nigeria’s credibility, decline in global
business networks, and the attendant financial hardship.

In a communique, they agreed to scale up capacity building
sessions for NBA members to improve awareness on the Anti-Money
Laundering/Combating the Financing of Terrorism (AML/CFT) Act.

The gathering called for deeper synergy between CBN, NFIU, SCMUL
and NBA to further clarify, define and establish clear compliance
with the Act.

The lawyers urged agencies involved in the AML/CFT
implementation to foster better engagement with partners such as
the NBA Anti-Corruption Committee.

The professionals, however, commended the association for
exploring options for a self-regulatory billing system.

“That NBA members consider themselves as being on the same team
on AML/CFT matters, establish and strengthen the capacity of
anti-corruption units in all branches.

“That parties should cooperate to lobby the National Assembly to
pass the relevant law which provides for an electronic whistle
blowing portal, and protects whistle blowers.”

“That the global importance of AML/CFT requires for a continuing
capacity-building training involving law enforcement agencies,
lawyers and regulatory agencies.”

Lawyers were asked to guarantee attorney-client confidentiality
as covered by extant regulations while using their experience and
knowledge duty to combat crime and criminality.

The communique endorsed regular sensitization for the Body of
Benchers due to its statutory role of adjudicating AML/CFT matters
and monitoring lawyers’ conduct.