The African Center for Governance, Asset Recovery, and Sustainable Development is pleased to aid the facilitation of the webinar on ‘The Anti-Money Laundering and Counter Financing of Terrorism Principles Underpinning the New Rules: Walking the Fine Lines Between Confidential and Regulatory Compliance’ scheduled held today, 22nd March 2024 by 11:00 am. The session was organized by the Nigeria Bar Association Anti-Corruption Committee in collaboration with the African Center and moderated by Ezenwa Anumnu, Secretary, the NBA Anti-Corruption Committee.
The session aimed to examine the provisions of the new Rules of Professional Conduct for Legal Practitioners (RPC) in line with the global standards set out in the Financial Action Task Force Recommendations 2023 to address risks associated with the Legal Profession and explore the delicate balance between client confidentiality and regulatory compliance in the legal profession.
Dr. Roland Otaru, SAN, Chair, NBA Anti-corruption Committee while giving the opening remark, emphasized the noble responsibility of legal professionals to uphold professional ethics, stressing the importance of adherence to rules and regulations in maintaining the integrity of the legal profession.
The Lead speaker and Founder of, the African Center for Governance, Asset Recovery and Sustainable Development, Madam Juliet Ibekaku-Nwagwu during her presentation highlighted the key changes in the 2023 amendments to the Rules of Professional Conduct for Legal Practitioners (RPC) 2023, emphasizing the obligations of legal practitioners under the RPC, Money Laundering Prevention and Prohibition Act, and Terrorism Prevention and Prohibition Act. She delved into Nigeria’s journey in adhering to international standards like FATF Recommendations, expounding on the amended AML/cft laws such as the Money Laundering Protection and Prohibition Act 2022, and Terrorism Protection and Prohibition Act aimed at bridging existing gaps.
Madam Juliet emphasized the role of the Nigerian Bar Association’s Anti-Money Laundering Committee (NBAAMLC) in facilitating compliance and reporting suspicious activities. Central to the discourse was the importance of a risk-based approach, as mandated by the Rules of Professional Conduct (RPC). She further articulated the pivotal role of lawyers in identifying and flagging suspicious transactions, underscoring the proactive measures necessitated in safeguarding against financial misconduct. Finally, she encouraged legal practitioners to uphold professional standards while preventing illicit financial activities.
Other keynote speakers like Prof. Ernest Ojukwu SAN emphasized the significance of reading and understanding the RPC, KYC, and record-keeping as well as practicing risk-based reporting approach/Suspicious reporting which are all essential practices for legal professionals.
In conclusion, marked by gratitude and forward-looking optimism, Dr. Roland Otaru, SAN, extended appreciation for the profound insights from the presentations. He underscored the imperative of training initiatives to fortify practitioners with the necessary knowledge and skills to navigate the evolving landscape of AML/CFT regulations.
The webinar which recorded about 400 participants served as a beacon of enlightenment, educating attendees with invaluable insights into the diverse challenges and responsibilities crucial to ensuring both client confidentiality and regulatory compliance in the realm of legal practice.
Watch Video via Youtube: https://youtu.be/tBU-Jqi2bSA
