Examination of the Anti-Money Laundering/Combating Financing of Terrorism Provisons for Legal Practitioners in Nigeria
Year: 2025
Type: article
Abstract: The role of legal practitioners in Nigeria has come under increasing scrutiny in the global fight against money laundering and the financing of terrorism (AML/CFT). As gatekeepers of the financial and legal system, lawyers are often exposed to transactions that may be exploited to conceal illicit funds or facilitate terror-related financing. This article interrogates the legal and regulatory framework governing the application of AML/CFT provisions to legal practitioners in Nigeria, particularly under the Money Laundering (Prevention and Prohibition) Act 2022, the Terrorism (Prevention and Prohibition) Act 2022, and the guidelines of the Nigerian Financial Intelligence Unit (NFIU). It highlights the professional obligations of lawyers to conduct due diligence, maintain client identification procedures, and report suspicious transactions, while critically examining the tension between these obligations and the principle of attorney–client privilege. The analysis situates Nigeria’s AML/CFT framework within international standards, especially the Financial Action Task Force (FATF) Recommendations, and explores the challenges of enforcement, compliance culture, and institutional oversight within the Nigerian Bar. The article argues that while Nigeria has made significant strides in aligning its AML/CFT framework with global best practices, practical implementation remains weak due to resistance from practitioners, gaps in awareness, and institutional bottlenecks. It concludes by proposing reforms to balance professional ethics with regulatory compliance, strengthen collaboration between regulators and the Nigerian Bar Association, and ensure that lawyers contribute effectively to national and global efforts against financial crime and terrorism financing.
Author: Hagler Okorie
Institution: Abia State University
Language: English
Subfield: Sociology and Political Science
Field: Social Sciences
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4414030525