The Nigerian Bar Association (NBA) has announced the implementation of comprehensive anti-money laundering (AML) and counter-terrorist financing (CFT) measures for legal practitioners in Nigeria.

The measures are outlined in the Rules of Professional Conduct for Legal Practitioners 2023 (RPC) and the NBA Anti-Money Laundering Committee (NBA-AMLC) Appointment and Examination Rules and Protocols 2024, both published in the Federal Republic of Nigeria Official Gazette.

The RPC provides the legal framework for AML/CFT measures that apply to lawyers, law firms, and notaries in Nigeria. The National Executive Council (NEC) of the NBA has constituted the NBA-AMLC to oversee compliance with these measures. The NBA-AMLC has been recognized as the self-regulatory body (SRB) responsible for ensuring that the legal profession in Nigeria adheres to AML/CFT regulations.

The NBA-AMLC has initiated a comprehensive risk assessment of the legal profession in Nigeria and will implement the following measures to ensure compliance:

1. Risk profiling of legal practitioners when evaluating recommendations, issuing letters of good standing, and considering disciplinary matters.
2. Establishment of a supervisory framework to ensure accurate and current information on beneficial ownership is maintained by legal practitioners and law firms.
3. Compliance obligations for legal practitioners, including risk assessments, client due diligence, internal controls, reporting of suspicious transactions, continuing legal education, and documentation of AML-related decisions and processes.

Failure to comply with the provisions of Chapter 2 of the RPC or neglect of duties outlined under this chapter constitutes professional misconduct and will subject lawyers to disciplinary action under the Legal Practitioners Act. The NBA-AMLC is empowered to recommend disciplinary proceedings or other legal measures against any practitioner found in breach of these provisions.

The NBA reminds all lawyers of their obligation to comply with AML/CFT measures and submit to the supervision of the NBA-AMLC in accordance with the RPC. The NBA-AMLC will provide resources, including training programs and guidance documents, to support compliance efforts.

Mazi Afam Osigwe, SAN, LL.M, President of the NBA, and Dr. Mobolaji Ojibara, General Secretary, jointly stated, “By ensuring compliance, we collectively uphold the integrity of our profession, safeguard the reputation of the legal community, and contribute to the national security of Nigeria.”