The Nigerian Bar Association Anti-Money Laundering Committee (NBA-AMLC), in collaboration with the African Centre for Governance, Asset Recovery, and Sustainable Development (African Center) and The Africa Network for Environment and Economic Justice (ANEEJ), conducted a comprehensive study on the role of lawyers in combating financial crimes. Supported by the UK Foreign, Commonwealth, and Development Office (FCDO), the research focused on assessing vulnerabilities, awareness, and compliance practices among legal professionals. The study surveyed 562 lawyers through workshops and an online questionnaire.
Key Findings
- Vulnerabilities: Lawyers face risks, especially in real estate and asset management transactions. While 75% recognized these risks, only 18% were aware of cases involving lawyer-facilitated crimes.
- Client Confidentiality Dilemma: Balancing client confidentiality with AML/CFT obligations poses ethical challenges, with over half of respondents acknowledging these conflicts.
- Policy Gaps: Two-thirds of law firms lack AML/CFT policies, and many policies remain outdated, increasing exposure to financial crime risks.
- Resource Disparities: Smaller firms face financial constraints, limiting compliance measures and increasing their vulnerability.
Key Recommendations
- Mandate AML/CFT training for all lawyers and include it in the Nigerian Law School curriculum.
- Enhance supervision with routine evaluations, risk-based oversight, and adoption of emerging monitoring technologies.
- Require law firms to implement comprehensive AML/CFT policies, including staff training, regular audits, and robust client due diligence processes.
- Encourage adaptability through regular policy reviews, independent audits, and targeted training to address evolving financial crime risks.
By addressing these issues, the NBA-AMLC aims to strengthen the legal profession’s ability to combat financial crimes and align with global compliance standards.
Access the policy brief here
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The African Center for Governance, Asset Recovery, and Sustainable Development (“the African Center”) is an independent, civil society organization headquartered in Abuja, Nigeria. We collaborate with national governments, international and regional organizations, and non-governmental organizations to promote good governance, sustainable development, and the rule of law. Read more: https://lnkd.in/dhAxzGEr
More information on our work can be found on our website: www.africancenterdev.org
