Rules of Professional Conduct for Legal Practitioners, 2023 Flashcards

Vocabulary flashcards covering key definitions, duties, fee structures, and AML/CFT compliance terms established in the Rules of Professional Conduct for Legal Practitioners, 2023.

Rules of Professional Conduct for Legal Practitioners, 2023

Rules made by the General Council of the Bar pursuant to Section 12(4) of the Legal Practitioners Act, Cap. L11 LFN 2004, regulating the professional conduct of legal practitioners in Nigeria with an effective date of 1st January, 2024.

Annual Practicing Fees

Fees that a legal practitioner must pay not later than 31st March of every year, or within one month of enrolment if enrolled during the year, to remain eligible to practice.

Mandatory Continuing Professional Development (CPD) Programme

A mandatory programme operated by the Nigerian Bar Association requiring legal practitioners to earn required credit hours through accredited courses, law lectures, seminars, or publications to maintain their right to practice.

Annual Practicing List

An annual published list by the Nigerian Bar Association containing the names of legal practitioners entitled to practice in that year after paying practicing fees and fulfilling CPD requirements.

Annual Practicing Certificate

A certificate issued annually by the Nigerian Bar Association certifying that a legal practitioner has paid their Practicing Fee and satisfied the Continuing Professional Development requirements for the specified year.

Seal and Stamp

An official mark approved by the Nigerian Bar Association that must be affixed to any legal document signed or filed by a legal practitioner acting in a professional capacity.

Incidental Matters

Matters not directly affecting the merit of a case or operating to prejudice substantively the rights of a client, such as fixing the time for trial or applying for or resisting adjournment.

Retainer

An agreement by a lawyer to render professional legal services to a client.

General Retainer

A retainer agreement that covers the legal work of a client generally.

Special Retainer

A retainer agreement that covers a specific or particular legal matter of a client.

Contingent Fee

A fee paid or agreed to be paid for a lawyer's services under an arrangement where compensation is contingent in whole or in part upon the successful accomplishment or disposition of the subject matter.

Money Laundering

The process by which criminals transform the proceeds or financial gains of crime into assets or seemingly legitimate funds to obscure their illicit origin.

Placement

The initial stage of money laundering in which cash generated from crime is first introduced into the financial system.

Layering

The second stage of money laundering involving complex transactions, multiple entities, or foreign jurisdictions to obscure the origins of criminal proceeds.

Integration

The final stage of money laundering where obscured funds are invested in legitimate assets or businesses, making them appear completely legitimate.

Beneficial Owner

The natural person(s) who ultimately owns or controls a customer or client, or the natural person on whose behalf a transaction is conducted, including those exercising ultimate effective control over a legal person or arrangement.

Politically Exposed Persons (PEPs)

Foreign or domestic individuals entrusted with prominent public functions (e.g., Heads of State, senior politicians, judicial or military officials) or senior management of international organizations, excluding middle-ranking or junior individuals.

Nigerian Bar Association Anti-Money Laundering Committee (NBAAMLC)

An ad hoc committee established by the NBA to advise on implementation, perform compliance examinations, and monitor legal practitioners' adherence to anti-money laundering and counter-terrorism financing regulations.

Internal Risk Assessment Guidelines (RAG)

Guidelines developed by a law firm or legal practitioner to assess money laundering and terrorism financing risks in a manner proportionate to the scope and nature of their practice.

Client's Due Diligence (CDD)

Internal procedures and measures executed by legal practitioners to verify client identity, identify beneficial owners, and understand the client's business profile and source of funds.

Enhanced Due Diligence (EDD)

An intensified level of Client Due Diligence applied when a client, business relationship, or transaction is identified as posing a higher risk of money laundering or terrorism financing.

Suspicious Transaction Report (STR)

A mandatory report submitted by a legal practitioner or law firm to the NBAAMLC for onward transmission to the NFIU upon forming reasonable suspicion of money laundering or terrorism financing activity.

Targeted Financial Sanctions

Obligations requiring legal practitioners to screen clients against the UN Consolidated List and Nigerian Sanction List, and immediately freeze assets of positive matches without prior notice.