The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has advised Nigerian lawyers to observe due diligence in their practices, saying that lawyers must ensure that payment of their legal fees comes from legitimate sources and not from proceeds of crimes.
According to Olukoyede, if a proceeds of crime is traced to a lawyer in the guise of legal fees, such a legal practitioner will be invited for questioning as lawyers are not insulated from prosecution if they failed to do the right thing.
The EFCC boss further disclosed that it is important for lawyers to know the background of their clients and sources of their incomes, so as not to run foul of the Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) regulations.
Speaking on Tuesday at a panel discussion on money laundering during the 64th Annual General Conference (AGC) of Nigerian Bar Association (NBA) Conference 2024 in Lagos, Olukoyede said: “As lawyers, we are supposed to hold a position of trust in our professional conduct. While we try to comply with international laws and regulations, we should also do what is right for ourselves so as to protect the sanctity of our profession, which is very key.”
Appreciating the international conventions against money laundering, the EFCC’s Chair stated that, “Doing the right thing doesn’t necessarily come from the way of international conventions. If you do the right things, they will automatically take you out of the grey list .
“It is expedient on you to, at least, know who your client is. You are expected to be paid from a legitimate source.
“If you are a victim of crimes, you will understand what I am saying. As lawyers , you must not, in any way, derogate or demean your professional commitment to your clients.
“Even a part of the money laundering Act that we have evaluated doesn’t stop me from enforcing the regulations of the EFCC Act and other financial laws in Nigeria.”
Speaking further, Olukoyede emphasized that lawyers were not insulated from prosecution, if they failed to do the right thing.
He said: “It is my duty to trace the proceeds of crimes. And if I trace it to you, I will invite you for questioning , and it is your duty to answer my questions.
“I mean, why do we talk about aiding and abetting crimes? Why do we have accessories before and after the fact ? Knowing this will assist me to determine your level of culpability or otherwise.
“We are not saying you are not entitled to your pay , but what we are saying is that the money that comes to you must not be proceeds of crimes.”
In his reaction, the NBA President, Yakubu Maikyau (SAN), tried to clarify the salient points raised by Olukoyede during the session.
He also urged lawyers to receive Olukoyede’s charge with an open mind, adding that both the NBA and the EFCC should be partners in the fight against corruption.
He said, “ Who else should be in the vanguard of the fight against corruption other than us ?”.
Olukoyede had earlier visited the EFCC stand at the venue of the convention and fielded questions from a number of attendees on varied issues about the activities of the Commission.
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