[vc_row type=”vc_default” full_width=”stretch_row_content_no_spaces” css=”.vc_custom_1500547593342{padding-right: 100px !important;}” el_class=”noPaddinRow”][vc_column width=”1/6″ el_class=”noPaddingLeft” offset=”vc_hidden-md vc_hidden-sm vc_hidden-xs”][vc_raw_html]JTNDZGl2JTIwY2xhc3MlM0QlMjJtYWluLXN0cmlwJTIyJTNFJTBBJTNDZGl2JTIwY2xhc3MlM0QlMjJibHVlLXN0cmlwMCUyMiUzRSUzQyUyRmRpdiUzRSUwQSUzQ2RpdiUyMGNsYXNzJTNEJTIyYmx1ZS1zdHJpcDElMjIlM0UlM0MlMkZkaXYlM0UlMEElM0NkaXYlMjBjbGFzcyUzRCUyMmJsdWUtc3RyaXAyJTIyJTNFJTNDJTJGZGl2JTNFJTBBJTNDJTJGZGl2JTNF[/vc_raw_html][/vc_column][vc_column width=”5/6″ el_class=”justifyText” css=”.vc_custom_1530477598023{padding-right: 310px !important;}” offset=”vc_hidden-md vc_hidden-sm vc_hidden-xs”][vc_empty_space height=”50px”][vc_row_inner el_id=”newsletters”][vc_column_inner width=”1/6″][/vc_column_inner][vc_column_inner width=”2/3″][vc_custom_heading text=”Nigeria’s Latest on Money Laundering” font_container=”tag:h1|font_size:22|text_align:justify|color:%236699cc|line_height:1.8″ use_theme_fonts=”yes”][/vc_column_inner][vc_column_inner width=”1/6″][/vc_column_inner][/vc_row_inner][vc_empty_space height=”25px”][vc_column_text]Nigeria has joined the swelling rank of countries with anti-laundering legal regimes that demand third party reporting of suspicious transactions. The Economic and Financial Crimes Commission (E.F.C.C) has set down the modalities for carrying out the rendition provisions of the Nigerian Money Laundering (Prohibition) Act of 2004.This is in respect of the duty owed by Designated Non-Financial Institutions (D.N.F.I.) under the Act to register and make renditions of suspicious transaction reports to the Special Crime Unit on Money Laundering (S.C.U.M.L.) and E.F.C.C.
* WHAT COULD BE THE MAIN THRUST OF THIS LEGISLATION?
In the wider picture, it could be posited that the Act seeks to check proscribed economic and financial activities such as Tax Evasion, Drug Trafficking, Advance Fee Fraud, and Misappropriation of government funds.
* WHO ARE THE D.N.F.I.’s?
Under the Act D.N.F.I.’s include: dealers in Jewelry, Cars and Luxury Goods, Chartered Accountants and Audit Firms, Tax Consultants, Clearing and Settling Companies, Legal Practitioners, Supermarkets, Hotels and Casinoes.
* WHAT IS A SUSPICIOUS TRANSACTION?
The Act is silent on this. Pertinent questions posed are: Is there a universal standard on what a suspicious transaction is? Is it a function of the magnitude of funds involved, source of the funds or the identity of the transacting parties?
* IMPLICATIONS ON THE LEGAL SERVICES INDUSTRY.
The provision of the Act has come to change the face of Attorney-Client Relationship. Henceforth, Lawyers are obliged to disclose information made to them in confidence by their clients that seem suspicious. The privilege of Attorney-Client Communication has thus been withdrawn in instances of suspicious transactions
* WHAT ARE THE BENEFITS?
The creation of a financial and business climate where accountability and transparency reign supreme. This would ultimately galvanise the organised private sector and increase Direct Foreign Investment in the economy which is required to take the country to the next level.
The challenge raised by the Act is noble and ought to be met by all D.N.F.I.s. Osita Nwajah, Head Media and Publicity of the E.F.C.C. has stated that the anti-sleaze agency is poised to administer the law. He enjoins all operators of D.N.F.I.s to register with S.C.U.M.L (www.scuml.net) and render suspicious transaction reports or run foul of the law and face the relevant laws as they apply. Would they harken to this call?
DETAIL TEAM.
www.detailsolicitors.com[/vc_column_text][/vc_column][/vc_row][vc_row type=”vc_default” full_width=”stretch_row_content_no_spaces” css=”.vc_custom_1500547593342{padding-right: 100px !important;}” el_class=”noPaddinRow”][vc_column el_class=”noPaddingLeft” offset=”vc_hidden-lg vc_hidden-xs”][vc_raw_html]JTNDZGl2JTIwY2xhc3MlM0QlMjJ0YWItbWFpbi1zdHJpcCUyMiUzRSUwQSUzQ2RpdiUyMGNsYXNzJTNEJTIydGFiLWJsdWUtc3RyaXAwJTIyJTNFJTNDJTJGZGl2JTNFJTBBJTNDZGl2JTIwY2xhc3MlM0QlMjJ0YWItYmx1ZS1zdHJpcDElMjIlM0UlM0MlMkZkaXYlM0UlMEElM0NkaXYlMjBjbGFzcyUzRCUyMnRhYi1ibHVlLXN0cmlwMiUyMiUzRSUzQyUyRmRpdiUzRSUwQSUzQyUyRmRpdiUzRQ==[/vc_raw_html][vc_empty_space height=”25px”][vc_row_inner][vc_column_inner width=”1/6″][/vc_column_inner][vc_column_inner width=”2/3″][vc_custom_heading text=”Nigeria’s Latest on Money Laundering” font_container=”tag:h1|font_size:22|text_align:justify|color:%236699cc|line_height:1.8″ use_theme_fonts=”yes”][vc_column_text]Nigeria has joined the swelling rank of countries with anti-laundering legal regimes that demand third party reporting of suspicious transactions. The Economic and Financial Crimes Commission (E.F.C.C) has set down the modalities for carrying out the rendition provisions of the Nigerian Money Laundering (Prohibition) Act of 2004.This is in respect of the duty owed by Designated Non-Financial Institutions (D.N.F.I.) under the Act to register and make renditions of suspicious transaction reports to the Special Crime Unit on Money Laundering (S.C.U.M.L.) and E.F.C.C.
* WHAT COULD BE THE MAIN THRUST OF THIS LEGISLATION?
In the wider picture, it could be posited that the Act seeks to check proscribed economic and financial activities such as Tax Evasion, Drug Trafficking, Advance Fee Fraud, and Misappropriation of government funds.
* WHO ARE THE D.N.F.I.’s?
Under the Act D.N.F.I.’s include: dealers in Jewelry, Cars and Luxury Goods, Chartered Accountants and Audit Firms, Tax Consultants, Clearing and Settling Companies, Legal Practitioners, Supermarkets, Hotels and Casinoes.
* WHAT IS A SUSPICIOUS TRANSACTION?
The Act is silent on this. Pertinent questions posed are: Is there a universal standard on what a suspicious transaction is? Is it a function of the magnitude of funds involved, source of the funds or the identity of the transacting parties?
* IMPLICATIONS ON THE LEGAL SERVICES INDUSTRY.
The provision of the Act has come to change the face of Attorney-Client Relationship. Henceforth, Lawyers are obliged to disclose information made to them in confidence by their clients that seem suspicious. The privilege of Attorney-Client Communication has thus been withdrawn in instances of suspicious transactions
* WHAT ARE THE BENEFITS?
The creation of a financial and business climate where accountability and transparency reign supreme. This would ultimately galvanise the organised private sector and increase Direct Foreign Investment in the economy which is required to take the country to the next level.
The challenge raised by the Act is noble and ought to be met by all D.N.F.I.s. Osita Nwajah, Head Media and Publicity of the E.F.C.C. has stated that the anti-sleaze agency is poised to administer the law. He enjoins all operators of D.N.F.I.s to register with S.C.U.M.L (www.scuml.net) and render suspicious transaction reports or run foul of the law and face the relevant laws as they apply. Would they harken to this call?
DETAIL TEAM.
www.detailsolicitors.com[/vc_column_text][/vc_column_inner][vc_column_inner width=”1/6″][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=”vc_default” full_width=”stretch_row_content_no_spaces” css=”.vc_custom_1500547593342{padding-right: 100px !important;}” el_class=”noPaddinRow”][vc_column el_class=”noPaddingLeft” offset=”vc_hidden-lg vc_hidden-md vc_hidden-sm” css=”.vc_custom_1530478487201{padding-right: 75px !important;padding-left: 60px !important;}”][vc_raw_html]JTNDZGl2JTIwY2xhc3MlM0QlMjJtb2ItbWFpbi1zdHJpcCUyMiUzRSUwQSUzQ2RpdiUyMGNsYXNzJTNEJTIybW9iLWJsdWUtc3RyaXAwJTIyJTNFJTNDJTJGZGl2JTNFJTBBJTNDZGl2JTIwY2xhc3MlM0QlMjJtb2ItYmx1ZS1zdHJpcDElMjIlM0UlM0MlMkZkaXYlM0UlMEElM0NkaXYlMjBjbGFzcyUzRCUyMm1vYi1ibHVlLXN0cmlwMiUyMiUzRSUzQyUyRmRpdiUzRSUwQSUzQyUyRmRpdiUzRQ==[/vc_raw_html][vc_empty_space height=”25px”][vc_row_inner][vc_column_inner width=”1/6″][/vc_column_inner][vc_column_inner width=”2/3″][vc_custom_heading text=”Nigeria’s Latest on Money Laundering” font_container=”tag:h1|font_size:22|text_align:justify|color:%236699cc|line_height:1.8″ use_theme_fonts=”yes”][vc_column_text]Nigeria has joined the swelling rank of countries with anti-laundering legal regimes that demand third party reporting of suspicious transactions. The Economic and Financial Crimes Commission (E.F.C.C) has set down the modalities for carrying out the rendition provisions of the Nigerian Money Laundering (Prohibition) Act of 2004.This is in respect of the duty owed by Designated Non-Financial Institutions (D.N.F.I.) under the Act to register and make renditions of suspicious transaction reports to the Special Crime Unit on Money Laundering (S.C.U.M.L.) and E.F.C.C.
* WHAT COULD BE THE MAIN THRUST OF THIS LEGISLATION?
In the wider picture, it could be posited that the Act seeks to check proscribed economic and financial activities such as Tax Evasion, Drug Trafficking, Advance Fee Fraud, and Misappropriation of government funds.
* WHO ARE THE D.N.F.I.’s?
Under the Act D.N.F.I.’s include: dealers in Jewelry, Cars and Luxury Goods, Chartered Accountants and Audit Firms, Tax Consultants, Clearing and Settling Companies, Legal Practitioners, Supermarkets, Hotels and Casinoes.
* WHAT IS A SUSPICIOUS TRANSACTION?
The Act is silent on this. Pertinent questions posed are: Is there a universal standard on what a suspicious transaction is? Is it a function of the magnitude of funds involved, source of the funds or the identity of the transacting parties?
* IMPLICATIONS ON THE LEGAL SERVICES INDUSTRY.
The provision of the Act has come to change the face of Attorney-Client Relationship. Henceforth, Lawyers are obliged to disclose information made to them in confidence by their clients that seem suspicious. The privilege of Attorney-Client Communication has thus been withdrawn in instances of suspicious transactions
* WHAT ARE THE BENEFITS?
The creation of a financial and business climate where accountability and transparency reign supreme. This would ultimately galvanise the organised private sector and increase Direct Foreign Investment in the economy which is required to take the country to the next level.
The challenge raised by the Act is noble and ought to be met by all D.N.F.I.s. Osita Nwajah, Head Media and Publicity of the E.F.C.C. has stated that the anti-sleaze agency is poised to administer the law. He enjoins all operators of D.N.F.I.s to register with S.C.U.M.L (www.scuml.net) and render suspicious transaction reports or run foul of the law and face the relevant laws as they apply. Would they harken to this call?
DETAIL TEAM.
www.detailsolicitors.com[/vc_column_text][/vc_column_inner][vc_column_inner width=”1/6″][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row][vc_column][vc_column_text][/vc_column_text][/vc_column][/vc_row][vc_row type=”vc_default” full_width=”stretch_row” el_class=”footerWidget”][vc_column width=”1/4″][/vc_column][vc_column width=”2/4″][vc_row_inner][vc_column_inner width=”3/4″][/vc_column_inner][vc_column_inner width=”1/4″][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=”1/4″][/vc_column][/vc_row][vc_row][vc_column][vc_column_text][/vc_column_text][/vc_column][/vc_row]