In light of Nigeria’s mutual evaluation reports and recent case studies highlighting the vulnerabilities of legal professionals to Money Laundering (ML), Terrorist Financing (TF), and Proliferation Financing (PF), the Nigerian Bar Association Anti-Money Laundering Committee (NBA-AMLC) has taken a proactive step to address these challenges. Through a comprehensive risk assessment survey, the Committee has provided valuable insights into the AML/CFT/PF vulnerabilities legal professionals perceive, as well as the current level of knowledge, awareness, and training within the legal sector. This survey represents a critical effort to strengthen the compliance of legal practitioners with Nigeria’s AML/CFT/PF framework.
The resulting Risk Assessment Report is a significant milestone in the NBA’s efforts to operationalize its enforcement and supervisory powers under the Rules of Professional Conduct, 2023, and the NBA AMLC Rules and Protocols, 2024. By enhancing understanding and awareness, the report paves the way for a more resilient and compliant legal sector, equipped to tackle the ever-evolving risks associated with ML/TF/PF. For a detailed analysis and actionable recommendations, click here to download the full report.
