Financial institutions are under obligation to, amongst other things, report suspicious transactions and actions taken to the Nigerian Financial Intelligence Unit (NFIU).
Speaking at a seminar organized by Commercial Law Development Services (CLDS) – a frontline consulting, legal research and professional development organization- on “Anti-Money Laundering and Countering Terrorist Attack” held on Thursday, October 12, 2017 at the Lagos Court of Arbitration (LCA), Ms Sunmola (Partner, Udo Udoma & Belo-Osagie) explained that (section 3(7) of the Money Laundering (Prohibition Act), 2011 as Amended by the Money Laundering (Prohibition) Amendment Act 2012 (MLPA) and sections 16 & 18 of the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Regulations, 2013 enjoin financial institutions to put in place appropriate risk management systems and undertake enhanced due diligence measures when transaction involves the following: a foreigner or foreign entity customer, Cross-border banking and business relationships, Private banking customers and Legal arrangements or legal persons such as trusts that are personal assets holding vehicles, amongst others.
The programme equipped participants to understand the nature of money laundering, the avenues for money laundering, problems with enforcing anti-money laundering provisions in Nigeria and suggested ways of combating money laundering in Nigeria. The participants were drawn from banks, other financial organisations and law firms.
Mr Olukayode Dada, a Senior Associate, Udo Udoma & Belo-Osagie, who was also present at the programme as a speaker, led the session on “Combating Money Laundering”. He reiterated some of the scopes of Combating Money Laundering which includes Whistle-blowing, Customer Due Diligence and the Role of the Court.
Mr Paul Akioyamen ACA, FCTI threw more light on the issues pertaining to “Sources & Dynamics of Terrorist Financing” and “Countering Terrorist Financing”. He advised that more attention be paid to the adequate criminalization of terrorist financing and also that consideration should be given to the increasing nexus between crime and terror and its negative effect on the global economy.
CLDS would also be treating other issues pertaining to Legal Writing and Drafting Skills, for a better legal practice on Wednesday, November 22, 2017.
