Nigerian lawyers must now comply with AML/CFT obligations under the MLPP Act 2022 and SCUML Regulations when undertaking specified client transactions, while navigating the continuing tension between regulatory duties and legal professional privilege through risk-based compliance measures.
Whistleblowing strengthens accountability and transparency by exposing concealed, unethical and unlawful activities. Effective whistleblowing frameworks depend on confidentiality, accessible reporting channels, adequate protection from retaliation, and strong institutional support for whistle-blowers.
Financial crimes encompass a broad spectrum of illicit activities, including money laundering, terrorist financing, fraud, bribery, corruption, and tax evasion. The primary aim of financial crime compliance is to safeguard the integrity of the financial system by reducing the risk of these crimes occurring within it.
