Applicability of anti-money laundering laws to legal practitioners in Nigeria

Ndidi Ahiauzu and Teingo Inko-Tariah

Journal of Money Laundering Control, 2016, vol. 19, issue 4, 329-336

Abstract: Purpose - The purpose of this paper is to review the recent judgement of the Federal High Court exempting Nigerian lawyers from anti-money laundering (AML) obligations and to proffer suggestions as to ways of complying with international standards. Design/methodology/approach - An analysis of the case and judgement was undertaken and a commentary on the effect of the obligations on lawyers was given. As a result of the analysis, suggestions were made to satisfy regulatory requirements while recognising the sanctity of the legal profession and the professional responsibilities members owe to their clients. Findings - AML obligations are tasking and may impact negatively on rights of both lawyers and of their clients. However, with some measures taken by both regulators and lawyers, loopholes can be comfortably covered without leaving the legal sector exposed to criminal intents. Research limitations/implications - There has not been any appeal on the case, and therefore the paper may not be conclusive. Practical implications - Very relevant recommendations were made and, if taken up, may provide a meeting point for both parties and achieve the key purpose of detecting and/or preventing money laundering. Originality/value - This is the first academic paper to analyse the current case and to provide relevant suggestions on the matter.

Keywords: Law; Regulation; Money laundering; Legal profession (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-09-2015-0038

DOI: 10.1108/JMLC-09-2015-0038

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