The Economic and Financial Crimes Commission (EFCC) and the Nigerian Bar Association (NBA) have formed a partnership to identify and prosecute lawyers who assist criminals in laundering illicit funds through the real estate sector.
The partnership was announced at a workshop in Abuja on Tuesday, where the EFCC and NBA sensitized legal practitioners on the need to conduct due diligence on their clients. The EFCC Chairman, Mr. Ola Olukoyede, emphasized the importance of collaboration in the fight against money laundering and terrorism financing.
The Nigerian Financial Intelligence Unit (NFIU) identified the real estate sector as a key area of vulnerability, with criminal-minded individuals using lawyers to buy landed assets. The NFIU urged lawyers to report suspicious transactions and comply with Anti-Money Laundering (AML) regulations.
The NBA President, Mr. Yakubu Maikyau, SAN, emphasized the need for lawyers to adhere to AML guidelines and rules of professional conduct. He announced the formation of a committee to ensure compliance with AML legislation.
