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POLICY BRIEF ON THE NIGERIAN LEGAL SECTOR AML/CFT/PF RISK ASSESSMENT

The "Policy Brief on the Nigerian Legal Sector AML/CFT/PF Risk Assessment" explores the vulnerabilities of Nigerian legal professionals to financial crimes, such as money laundering, terrorism financing, and proliferation financing. Conducted by the NBA Anti-Money Laundering Committee, the study involved extensive surveys and workshops, revealing gaps in awareness, compliance policies, and resources among law firms, particularly smaller practices. Key findings highlight the ethical dilemma between client confidentiality and AML obligations, inadequate adoption of compliance frameworks, and disparities in compliance resources. The report recommends mandatory training, enhanced supervisory measures, and regular policy reviews to strengthen the legal sector’s resilience against financial crimes. It aims to position Nigeria's legal framework as a global benchmark for integrity and compliance.

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