Rule 60 Rules of Professional Conduct for Legal Practitioners
Rule 60 of the Rules of Professional Conduct for Legal Practitioners (RPC) 2023 is about Targeted Financial Sanction. It is under Part II (Obligation of Legal Practitioners in Relation to Anti-money Laundering and Combating the Financing of Terrorism) of Chapter 2 (Guidelines and Rules on Anti-money Laundering and Combating Financing of Terrorism for Legal Practitioners) of the Rules. It provides as follows:
(1) A Legal practitioner shall put in place mechanism to implement Targeted Financial Sanction related to Terrorism and Proliferation Financing.
(2) A Legal Practitioner shall monitor and screen all persons and transactions on the UN Consolidated List of persons and entities designated by the UN in accordance with UNSCR 1267(1999) and its successor resolutions.
(3) A Legal Practitioner shall monitor and screen all persons and entities against the Nigerian Sanction List as available on www.nigsac.gov.ng
(4) Where there is positive match on the UN Consolidated List of persons and entities designated by the UN in accordance with UNSCR 1267 (1999), UN and its successor resolutions, and the Nigeria Sanction List, a legal practitioner shall—
(a) immediately, identify and freeze, without prior notice, all funds, assets, and any other economic resources belonging to the designated person or entity in their possession and report same to NBAAMLC for onward transmission to the Sanctions Committee :
(b) report to the NBAAMLC for onward transmission to the Sanctions Committee any assets frozen or actions taken in compliance with the prohibition requirements of the relevant UNSCRs, including attempted
transactions ;
(c) immediately file a Suspicious Transactions Report to the NBAAMLC for onward transmission to the NFIU for further analysis on the financial activities of such an individual or entity ; and
(d) report as a Suspicious Transactions Report to the NBAAMLC for onward transmission to NFIU, all cases of name matching in financial transactions prior to or after receipt of the Nigerian Sanctions List.
