ICPC Chairman Urges Lawyers to Combat Money Laundering and Terrorism Financing

The Chairman of the Independent Corrupt Practices and other related Offences Commission (ICPC), Prof. Bolaji Owasanoye, has urged legal practitioners and members of the Nigerian Bar Association (NBA) to collaborate with law enforcement agencies in their efforts to combat money laundering and terrorism financing.

Speaking at the Annual General Conference of the Nigerian Bar Association held in Abuja, Prof. Owasanoye commended the NBA President, Yakubu Maikyau, and its leadership for their initiative in addressing critical issues. He specifically praised the focus on the new NBA rules and guidelines on Anti-Money Laundering and Terrorism Financing, emphasizing the role of the legal profession in the fight against these vices.

The ICPC boss highlighted the need for discussions on ethical conduct within the legal profession, citing a perceived lack of cooperation between legal practitioners and anti-corruption agencies. He referred to Rule 74(3) of the Rules of Professional Conduct for Legal Practitioners (RPC), which makes it mandatory for lawyers to report suspicious activities related to money laundering and other offenses.

"If you see something, say something," Prof. Owasanoye stated, emphasizing the importance of legal practitioners being vigilant and proactive in combatting illicit financial activities.

He further stressed that legal practitioners should no longer turn a blind eye to the source of their clients' wealth and the potential implications for their own legal fees. By participating in efforts to expose and prevent money laundering and terrorism financing, lawyers can play a crucial role in safeguarding the integrity of the legal profession and the overall stability of the Nigerian society.

The ICPC Chairman's call for collaboration between legal practitioners and law enforcement agencies aligns with global efforts to combat financial crimes. Money laundering and terrorism financing pose significant threats to national security, economic stability, and social well-being. Legal professionals, with their specialized knowledge of the law and their clients, are strategically positioned to identify and report suspicious activities that might otherwise go unnoticed.

In recent years, there has been an increasing recognition of the vital role lawyers play in anti-corruption and anti-money laundering initiatives. Governments and professional associations around the world are implementing measures to enhance cooperation between legal practitioners and law enforcement agencies. By fostering a culture of compliance and ethical responsibility, legal professionals can contribute to the success of these efforts.

The ICPC's call to action serves as a reminder to legal practitioners of their ethical obligations and the need to prioritize the greater good over individual interests. Reporting suspicious activities related to money laundering and terrorism financing is not only a legal duty but also a means of upholding the principles of justice, transparency, and accountability.

By taking a proactive stance against financial crimes, legal practitioners can help protect their clients, the legal profession, and the Nigerian society as a whole. Collaboration between legal practitioners and law enforcement agencies is essential in combatting money laundering and terrorism financing, and it is through such partnerships that progress can be made in the fight against these vices.

Source of content: OOO News 2023-08-30 News

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