The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has called on legal professionals across Nigeria to consistently exercise due diligence in their practices.
He emphasised the importance of understanding clients’ backgrounds to ensure compliance with Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) regulations.
Speaking during a panel discussion on money laundering at the 64th Annual General Conference of the Nigerian Bar Association (NBA) on Tuesday, 27th August 2024, in Lagos, Olukoyede highlighted the critical role of lawyers in maintaining the integrity of their profession. He underscored that while adhering to international conventions is important, the foundation of ethical practice lies in doing what is right.
“As lawyers, we hold positions of trust in our professional conduct. Beyond complying with international laws, we must protect the sanctity of our profession by ensuring we operate with integrity,” Olukoyede stated. He further explained that upholding ethical standards naturally aligns with international expectations, potentially keeping legal practitioners off regulatory grey lists.
He urged lawyers to thoroughly vet their clients, stressing the necessity of receiving payments from legitimate sources. “If you are a victim of crime, you’ll understand the importance of this. As legal professionals, we must not compromise our commitment to ethical practice, regardless of the situation,” he added.
Olukoyede also made it clear that lawyers are not immune to prosecution if they fail to adhere to legal standards. “My duty is to trace the proceeds of crime. If those proceeds lead to you, I will summon you for questioning, and you must be prepared to account for your actions,” he warned. “We’re not saying you’re not entitled to your fees, but those fees must not originate from criminal activities.”
Responding to Olukoyede’s remarks, NBA President Yakubu Maikyau, SAN, encouraged lawyers to approach the EFCC Chairman’s advice with an open mind. He highlighted the importance of collaboration between the NBA and the EFCC in the fight against corruption. “Who better to lead the fight against corruption than us, the legal professionals?” Maikyau asserted.
Earlier in the day, Olukoyede visited the EFCC’s stand at the convention, engaging with attendees and addressing various questions about the Commission’s activities. His participation further underscored the ongoing commitment of the EFCC to work closely with legal practitioners in ensuring a corruption-free Nigeria.
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