EFCC, NBA move to tackle lawyers aiding illicit fund laundering

The Economic and Financial Crimes Commission (EFCC) and the Nigerian Bar Association (NBA) have forged a collaboration aimed at unveiling and prosecuting attorneys who aid criminals in laundering illegal funds through the real estate sector.

This joint effort was disclosed during a workshop held in Abuja yesterday, organized to raise awareness among legal practitioners regarding the imperative of conducting thorough due diligence on prospective clients.

Mr. Ola Olukoyede, Chairman of EFCC, emphasized the necessity of this partnership, highlighting the substantial amount of illicit funds disguised as legitimate businesses with the aid of lawyers. He stressed the international mandate for collaborative frameworks, acknowledging the impossibility for any single agency to tackle such complex issues alone.

Meanwhile, the Nigerian Financial Intelligence Unit (NFIU) identified the banking and real estate sectors as primary areas vulnerable to exploitation. Dr. Emmanuel Sotande, Chief Operating Officer at NFIU, expressed concern over the concealment of criminal proceeds by politically exposed persons through the acquisition of real estate facilitated by lawyers. He underscored lawyers’ obligation to report suspicious activities to relevant authorities, including the NFIU and the NBA.

NBA President, Mr. Yakubu Maikyau, SAN, urged lawyers to strictly adhere to anti-money laundering guidelines and professional conduct rules when handling financial transactions. He announced the formation of a specialized committee within the NBA to address compliance issues with anti-money laundering legislation among legal practitioners.