Promoting Fairness and Inclusivity in the Regulation of Legal Practitioners in Matters of Money Laundering: A Closer Look at the NBAAMLC's Exclusive Authority in the New Rules of Professional Conduct for Legal Practitioners
Promoting Fairness and Inclusivity in the Regulation of Legal Practitioners in Matters of Money Laundering: A Closer Look at the NBAAMLC's Exclusive Authority in the New Rules of Professional Conduct for Legal Practitioners By: Hassan Olalekan Sherif, Esq Introduction The draft guidelines on Anti-Money Laundering and Combating Financing of Terrorism, purportedly formulated by the Nigerian Bar Association (NBA) but now incorporated into the new Rules of Professional Conduct for Legal Practitioners (RPC) is a shift towards self-regulation of legal practitioners and the legal profession in Nigeria by the NBA. The new RPC has created the “Nigerian Bar Association Anti Money Laundering Committee” (NBAAMLC) and purportedly arrogated it SOLELY a number of responsibilities. The new RPC, vide Rule 73, has also declared the NBA as the “Self-Regulatory Body” for the Legal Profession in Nigeria. In this article, I delved into the potential implications of granting, purportedly or o...