EFCC Chair Olukoyede Urges Lawyers to Prioritize Due Diligence in AML/CFT Compliance

EFCC Chair Olukoyede Urges Lawyers to Prioritize Due Diligence in Compliance with AML/CFT Regulations

At the 64th Annual General Conference of the Nigerian Bar Association (NBA) in Lagos, Economic and Financial Crimes Commission (EFCC) Executive Chairman Ola Olukoyede emphasized the importance of lawyers conducting thorough due diligence in their practices to avoid violating Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) regulations.

Olukoyede stressed that understanding client backgrounds is crucial, as lawyers are expected to receive payment from legitimate sources. He reminded attendees that failure to comply may result in prosecution, emphasizing his duty to trace crime proceeds and hold individuals accountable.

 

NBA President Yakubu Maikyau, SAN, encouraged lawyers to approach Olukoyede’s message with an open mind, highlighting the need for collaboration between the NBA and EFCC in combating corruption.

During the conference, Olukoyede also engaged with attendees at the EFCC stand, addressing various questions about the Commission’s activities. His visit underscored the EFCC’s commitment to transparency and cooperation with legal professionals in the fight against financial crimes.