Money laundering: EU-RoLAC, IDEA partner NBA to get Nigeria off high risk areas

The Rule of Law and Anti-Corruption Programme of  the International Institute for Democracy and Electoral  Assistance (International IDEA) with the support of the European Union are working together with the Nigerian Bar Association (NBA) to get Nigeria off the high risk areas of money laundry, funding of terrorism and proliferation of small arms. Already, Nigeria […]

The Rule of Law and Anti-Corruption Programme of  the International Institute for Democracy and Electoral  Assistance (International IDEA) with the support of the European Union are working together with the Nigerian Bar Association (NBA) to get Nigeria off the high risk areas of money laundry, funding of terrorism and proliferation of small arms.

Already, Nigeria is designated as one of the high risk areas of money laundering and terrorism financing.

Dr. Emmanuel Uche, the Anti-corruption Programme Manager of the EU-funded Rule of Law and Anti-corruption Programme (RoLAC-Phase II) of International IDEA, at a two-day sensitization event on the Rules of Professional Conduct  for Legal Practitioners in Abuja, said the main essence of this workshop is to get lawyers on board to get Nigeria off the grey list of the Global Financial Action Task Force.

According to him, the taskforce is the global body that monitors financial transactions and the financial risks inherent in different jurisdictions.

He said, “The last evaluations of Nigeria’s risk clearly says Nigeria is one of the high risk areas of money laundry, funding of terrorism and, proliferation of small arms which underscores the challenges Nigeria is currently facing today and therefore, they’ve made a handful of recommendations necessary to get Nigeria out of that high level vulnerability to this risks.

“While those risks subsists and Nigeria remains on this grey list, there would be very limited confidence in Nigeria, being able to participate with other global countries that mean well.  That’s why you will be surprised, when you want to use your debit card on an international website, it is not recognised.

“Other jurisdictions don’t honour our financial instruments because they think working with us exposes them to the same risks of money laundering, terrorism financing amd all that you see with kidnapping and proliferation of small arms.”

The President of the Nigerian Bar Association (NBA), Mr. Afam Osigwe, SAN, said the ability of lawyers to adhere to the highest ethical standards in giving services to the people is very important.

He said even if it’s one lawyer that runs foul of our Rules of Professional Conduct, it worries us.

“While we may not achieve 100 percent compliance level,  we want to instill confidence in the public that we are interested in ensuring that members of the public adhere to the highest standard.

“We will also ensure that those who violate their Rules of Professional Conduct are brought to book because that’s the only way we can show the society that we have the capacity and the willingness to weed out those who give us a bad name”.

The Head of Programme, RoLAC II, International IDEA, Mr. Danladi Plang, at the event said the importance of seeking to increase transparency and accountability of anti-corruption systems and reforms cannot be overemphasised as it is regarded as fundamental to sustaining a democratic system of government.

Plang who was represented by the State Project Coordinator, Abia State, RoLAC II, Mr Peter Omenka,  said the democratic system of governance comprises a network of interdependent actors and the performance of each actor is affected by the performance of others.

The Head of Programme further stated that the “issues such as misrepresentation of facts, fraud, exploitation of legal loopholes, deceit, and intimidation have marred the integrity of the profession. These unethical practices pose a significant threat to the legal system and must be addressed before they undermine its foundation. In Nigeria, instances of professional misconduct frequently go unchallenged, suggesting a more widespread prevalence of such behavior.”