The Nigerian Bar Association (NBA) has published a detailed report assessing money laundering, terrorist financing, and proliferation financing risks in the country’s legal sector.
![](https://thenigerialawyer.com/wp-content/uploads/2026/09/2026-IDRI-Masterclass.png")
The NBA’s Anti-Money Laundering Committee (NBA-AMLC) conducted the risk assessment as part of efforts to align the legal profession with Nigeria’s anti-money laundering and counter-terrorism financing (AML/CFT) obligations.
The report, based on surveys of over 500 legal professionals across Nigeria, found that while there is high awareness of potential money laundering risks among lawyers, significant gaps remain in the implementation of compliance measures. Key findings include:
– Only 33.7% of law firms have formal AML/CFT policies in place, with 64.4% of those not having reviewed the policies since adoption.
– Real estate transactions and client asset management were identified as high-risk areas for potential money laundering. Over 50% of respondents considered these services as carrying significant AML/CFT risks.
– Enhanced due diligence is inconsistently applied, with only 51.4% of lawyers adopting heightened measures for high-risk clients.
– 59.2% of sole proprietorships lack a designated compliance officer, highlighting challenges in self-regulation.
The NBA-AMLC report provides 26 recommendations to strengthen the legal sector’s resilience against financial crimes. Priorities include regular compliance audits, expanded training programs, improved record-keeping standards, and targeted measures for trust and company service providers.
In a statement, NBA President Mazi Afam Osigwe emphasized the organization’s commitment to upholding the integrity of the legal profession and safeguarding it from criminal exploitation. The risk assessment represents a proactive step by the NBA to identify and mitigate money laundering vulnerabilities.
The comprehensive report comes as Nigeria works to exit the Financial Action Task Force’s “grey list” of countries with AML/CFT deficiencies. By conducting this sectoral risk assessment, the NBA aims to demonstrate the legal community’s dedication to rooting out illicit financial activities and aligning with global standards.
As Africa’s largest bar association, the Nigerian Bar Association plays a pivotal role in setting professional standards and self-regulating the legal industry.
[pdf-embedder url=”https://thenigerialawyer.com/wp-content/uploads/2024/12/NBA-RISK-ASSESSMENT-REPORT-FOR-THE-LEGAL-SECTOR-FINAL-2.pdf”]
The risk assessment and its recommendations provide a roadmap for legal practitioners to enhance their AML/CFT compliance frameworks and contribute to Nigeria’s fight against money laundering and terrorism financing.
[A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials
Available now for NGN 40,000 at ASC Publications, 10, Boyle Street, Onikan, Lagos. Beside High Court, TBS. Email publications@ayindesanni.com or WhatsApp +2347056667384. Purchase Link: https://paystack.com/buy/evidence-act-complete-annotation
______________________________________________________________________ “Enhance Legal Practice With Authoritative Reports” — Alexander Payne Offers Comprehensive Law Reports, Spanning Over A Century Of Nigerian Jurisprudence
Interested buyers are encouraged to place their orders and enquiries via:
0704 444 4777, 0704 444 4999, 0818 199 9888
Website: www.alexandernigeria.com
