Breaking News! Chief V.C. Odo, Chairman of the NBA Enugu branch, and other legal professionals from South East Nigeria, attended a zonal workshop on Anti-Money Laundering and Terrorist Financing Risk Assessments in Enugu on October 30, 2024.
This workshop was a significant step towards creating awareness and promoting a comprehensive understanding of the risks and challenges associated with money laundering and terrorist financing in Nigeria. The event brought together legal experts and professionals to share their knowledge and expertise in combating these financial crimes.
The Nigerian Bar Association Anti-Money Laundering Committee (NBAAML Committee) partnered with the African Center for Governance, Asset Recovery, and Sustainable Development (AC) to conduct the risk assessment of the legal sector in Nigeria. This joint initiative aims to identify and mitigate potential vulnerabilities to money laundering, terrorist financing, and proliferation financing within the legal profession.
The collaboration brings together the expertise of both organizations to promote integrity and transparency in the legal sector, aligning with global efforts to combat financial crimes.
*Risk Assessment to Strengthen Defences Against Illicit Financial Activities*
The risk assessment will provide valuable insights and recommendations for legal professionals and firms to strengthen their defenses against illicit financial activities.
This initiative demonstrates the commitment of the NBA-AML Committee and AC to upholding the highest standards of ethical practice in the legal profession, contributing to a safer and more secure financial system in Nigeria.
*SCUML Certification and Compliance*
In related news, the Special Control Unit against Money Laundering (SCUML) has emphasized the importance of certification and compliance for designated non-financial businesses and professions (DNFBPs) in Nigeria.
SCUML certification is a critical step in preventing money laundering and terrorist financing, and DNFBPs are required to register with SCUML and comply with AML/CFT regulations
The general publics are enjoined to stay informed and compliant with the latest developments and regulations, legal professionals and firms can refer to the SCUML website ((link: https://www.scuml.org)) for guidance on certification, reporting, and other AML/CFT requirements.
The workshop aimed to discuss and address the growing concerns of money laundering and terrorist financing in the region. This is a crucial step in the fight against financial crimes in Nigeria, and we can expect more updates and initiatives to arise from this event.
Stay tuned for more news on this developing story!
