Don’t accept proceeds of crime as payments from clients – EFCC advises lawyers

The chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, has called on lawyers across the country to always observe due diligence in their practices.

This, according to him, is necessary for them to know the background of their clients 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 of Nigerian Bar Association, NBA, Conference 2024 in Lagos, the EFCC’s boss 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.”

While appreciating the international conventions against money laundering, the EFCC boss emphasised: “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 off 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 emphasised that lawyers are not insulated from prosecution if they fail 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 these 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, 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 NBA and EFCC should be partners in the fight against corruption.

“Who else should be in the vanguard of the fight against corruption other than us ?” he said.

Earlier, Olukoyede 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.