EFCC warns lawyers against violating anti-money laundering rules

Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has warned lawyers against running foul of the Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) regulations.

Its spokesman, Dele Oyewale, said this in a statement on Wednesday in Abuja.

He quoted Olukoyede as giving the warning at a panel discussion on money laundering at the ongoing 64th Annual General Conference of Nigerian Bar Association (NBA) Conference 2024 in Lagos.

The EFCC boss urged the legal practitioners to always observe due diligence in their practices.

This, according to him, is necessaryfor them to know the background of their clients so as not to run foul of AML/CTF regulations.

“As lawyers, we are supposed to hold a position of trust in our professional conduct.

“While we try to comply with international laws and regulations, we should also do what is right for ourselves so as to protect the sanctity of our profession, which is very key,” he said.

He urged them to take cognisance of the international conventions against money laundering.

According to him, doing the right thing doesn’t necessarily come from international conventions.

“If you do the right things, they will automatically take you out of the grey list.

“It is expedient on you to, at least, know who your client is. You are expected to be paid from a legitimate source.”.

“If you are a victim of crimes, you will understand what I am saying. As lawyers, you must not, in any way, derogate or demean your professional commitment to your clients.

“Even a part of the money laundering act that we have evaluated doesn’t stop me from enforcing the regulations of the EFCC Act and other financial laws in Nigeria,” he said.

Olukoyede emphasised that lawyers were not insulated from prosecution if they failed to do the right thing.

“It is my duty to trace the proceeds of crimes. And if I trace it to you, I will invite you for questioning, and it is your duty to answer my questions.

“I mean, why do we talk about aiding and abetting crimes? Why do we have accessories before and after the fact?

“Knowing this will assist me in determining your level of culpability or otherwise.

“We are not saying you are not entitled to your pay, but what we are saying is that the money that comes to you must not be the proceeds of crimes,” he said.

NBA President Yakubu Maikyau, SAN, in his remark tried to clarify the salient points raised by Olukoyede during the session.

Maikyau also urged lawyers to receive Olukoyede’s charge with an open mind.

He added that both the NBA and the Commission should be partners in the fight against corruption.

“Who else should be in the vanguard of the fight against corruption other than us?” He said.