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EFCC Chairman Engages NBA in AML/CFT Compliance Push

EFCC Chairman Engages NBA in AML/CFT Compliance Push

EFCC Chairman Engages NBA in AML/CFT Compliance Push

By Ayshatu S. Rabo

Mr. Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has initiated a collaboration with the Nigerian Bar Association (NBA) to enhance compliance with Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) regulations.

The event, titled “NBA AML Guidelines: A Practical Approach for Legal Practitioners,” was orchestrated by the Special Control Unit against Money Laundering (SCUML), a department within the EFCC, in partnership with the NBA.

This initiative aims to educate legal professionals on the critical importance of adhering to AML/CFT protocols.

Represented by SCUML Director Mr. Daniel Isei, Olukoyede expressed optimism about the lawyers’ cooperation in implementing Nigeria’s AML/CFT regime.

He emphasized the need for strengthened collaboration to meet the expectations of international evaluators, such as the Financial Action Task Force (FATF).

“This collaboration is timely. Being on the FATF Grey List mandates us to take decisive actions to demonstrate our commitment to combating money laundering and terrorist financing,” Olukoyede stated.

He praised NBA President Yakubu Chonoko Maikyau, SAN, for integrating key AML/CFT elements into the NBA guidelines, underscoring the urgency of addressing identified gaps.

Maikyau echoed these sentiments, highlighting the necessity for lawyers to lead the fight against corruption through informed service delivery.

He also announced the creation of an NBA/AML Desk, designed to serve as a liaison between the NBA and law enforcement agencies on AML/CFT matters.

The event featured lectures by Assistant Commander of the EFCC, ACE II Ngunan Kakwagh, and Chief Superintendent of the EFCC, CSE Temitope Erinomo, who covered global AML/CFT requirements and guidelines for market entry controls and Know Your Customer (KYC) protocols.

A panel including Professor Ernest Ojukwu, SAN, and Babajide Ogundipe, who contributed to the AML guidelines, addressed participants’ questions, further reinforcing the collaborative effort.

This initiative marks a pivotal step in ensuring legal practitioners are at the forefront of Nigeria’s anti-corruption and financial crime prevention strategies.

EFCC Chairman Engages NBA in AML/CFT Compliance Push

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