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NBA To Host Webinar On AML/CFT Principles Under New Rules Of Professional Conduct 2023

The Nigerian Bar Association (NBA) is set to host a webinar on the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) principles under the recently introduced Rules of Professional Conduct for Legal Practitioners 2023. The webinar, scheduled for Friday, 22nd March 2024, at 11 am, aims to explore the delicate balance between client confidentiality and regulatory compliance in the legal profession.

To register for the webinar, please click on the following Zoom link:

The Rules of Professional Conduct for Legal Practitioners 2023, which came into effect on 6th June 2023, provide updated ethical standards for members of the legal profession in Nigeria. Chapter Two of the new Rules specifically addresses money laundering, terrorism financing, and proliferation financing in lawyer-client relationships and the provision of legal services. The inclusion of these provisions is a response to the growing risks encountered in the financial sector and the potential misuse of independent legal practitioners for perpetuating financial crimes.

The Money Laundering (Prohibition and Prevention) MLPP Act 2022 categorized Legal Practitioners under the Designated Non-Financial Businesses and Professions (DNFBPs), subjecting them to AML/CFT obligations. The new Rules of Professional Conduct for Legal Practitioners (RPC) 2023 were passed to align with these regulatory requirements.

The webinar will examine the provisions of the new rules in line with the global standards set out in the Financial Action Task Force Recommendations 2023, which aim to address risks associated with the Legal Profession. Participants will gain insights into the practical implications of the new rules and learn how to navigate the fine lines between maintaining client confidentiality and complying with AML/CFT regulations.

Legal practitioners, compliance officers, and other interested professionals are encouraged to attend this informative webinar to stay abreast of the latest developments in professional conduct and AML/CFT compliance in the legal sector.

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