The chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has urged lawyers nationwide to practice due diligence, particularly in understanding their clients’ backgrounds, to avoid violating Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations. Speaking at a panel discussion on money laundering during the 2024 Nigerian Bar Association (NBA) Annual General Conference in Lagos, Olukoyede highlighted the importance of maintaining professional integrity and complying with both international and national laws. He stressed that knowing one’s clients and ensuring payments come from legitimate sources are essential to upholding the legal profession’s sanctity.
“Even a part of the Money Laundering Act that we have evaluated doesn’t stop me from enforcing the regulations of the EFCC Act and other financial laws in Nigeria.”
Speaking further, Olukoyede emphasised that lawyers are not insulated from prosecution if they fail to do the right thing.
He said: “It is my duty to trace the proceeds of crimes. And if I trace it to you, I will invite you for questioning, and it is your duty to answer my questions.
“I mean, why do we talk about aiding and abetting crimes? Why do we have accessories before and after the fact? Knowing these will assist me to determine your level of culpability or otherwise.
“We are not saying you are not entitled to your pay, but what we are saying is that the money that comes to you must not be proceeds of crimes.”
In his reaction, NBA president, Yakubu Maikyau, SAN, tried to clarify the salient points raised by Olukoyede during the session.
He encouraged lawyers to embrace Olukoyede’s message with an open mind, emphasizing that both the Nigerian Bar Association (NBA) and the EFCC should work together in the fight against corruption. “Who better to lead the charge against corruption than us?” he remarked. Earlier, Olukoyede visited the EFCC booth at the convention venue, where he answered questions from several attendees regarding the commission’s activities.
