NBA President Leads AML/CFT Risk Assessment Workshops for Nigeria’s Legal Sector
In a steadfast commitment to enhancing the integrity of Nigeria’s legal sector, Mazi Afam Osigwe, SAN, President of the Nigerian Bar Association (NBA), addressed participants at the Abuja NBA’s Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) Legal Sector Risk Assessment Zonal Workshops . The workshops, launched in multiple zones across the country, are designed to equip legal professionals with essential knowledge and tools for navigating the complex landscape of financial crime prevention.
Speaking at the workshops, Osigwe emphasized the NBA’s role in both the national and international fight against money laundering and terrorism financing. These workshops, he stated, represent a core element of the NBA’s commitment to protecting Nigeria’s financial system and legal profession from misuse by criminal enterprises. Recognizing the dual responsibilities that lawyers carry—upholding client confidentiality while preventing the abuse of legal services for illicit activities—he highlighted the need for legal practitioners to remain both vigilant and proactive.
“As custodians of client confidentiality, we also have a responsibility to ensure that our services are not used as conduits for illicit financial activities,” he remarked. “Striking this balance is crucial, and we must empower ourselves with knowledge to uphold our obligations.”
The NBA has structured its anti-money laundering initiatives around three strategic pillars, which President Osigwe outlined during his address:
1. Awareness and Capacity Building:
Through these workshops, the NBA seeks to raise awareness among legal practitioners about money laundering risks, and build capacity for identifying potential threats. With evolving tactics employed by criminal networks, these sessions offer a solid foundation for understanding risk indicators and improving response strategies.
2. Compliance with Regulatory Standards:
Recognizing the intricacies of Nigeria’s AML/CFT regulations, the NBA is working closely with the Federal Government, regulatory agencies, and global partners to streamline compliance for lawyers. By equipping legal professionals with the necessary tools, the NBA aims to make adherence to these standards seamless.
3. Collaboration with Authorities and Stakeholders:
The NBA is also committed to fostering strong partnerships with agencies like the Nigerian Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC). By working alongside these bodies, the NBA hopes to create a unified front against financial crime, ultimately strengthening the entire legal sector’s resilience.
While AML/CFT compliance is crucial, President Osigwe acknowledged the practical challenges lawyers face in implementing these measures. Complex regulatory requirements and potential conflicts with client confidentiality were noted as primary concerns. However, he expressed optimism that these workshops would serve as a collaborative space for sharing insights and developing solutions that meet AML/CFT standards without compromising ethical principles.
“These workshops represent an opportunity for us to share insights, learn from each other, and collectively develop solutions that allow us to adhere to AML/CFT requirements without compromising our core professional principles,” he noted.
The NBA encourages legal practitioners to adopt a risk-based approach to AML/CFT, allowing them to proactively assess high-risk scenarios. By identifying these high-risk areas within their operations, lawyers can strengthen both their practice and their role in national and global security efforts.
Osigwe also highlighted the NBA’s establishment of an AML/CFT Compliance Unit within the Secretariat. This unit will support legal professionals by providing ongoing guidance and training, underscoring the NBA’s commitment to integrating AML/CFT compliance as a core component of the legal profession’s ethical standards.
Osigwe reiterated the NBA’s dedication to advocating for legislative reform. By pushing for laws and policies that facilitate effective AML/CFT compliance, the NBA aims to foster a legal environment where ethical practice and accountability thrive.
“Together, we can build a legal sector that stands as a model for ethical practice, resilience, and accountability,” he affirmed.
Osigwe further encouraged participants to actively engage in the discussions, ask questions, and share their experiences. He expressed gratitude for their dedication to the profession and their commitment to upholding the rule of law.
“Let us work together to ensure that the Nigerian legal sector remains a formidable partner in the fight against money laundering and the financing of terrorism,” he concluded.
