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Opinion

Professionals’ Role in Combating Financial Crime

By Prof Itse Sagay

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Lawyers, accountants, engineers, bankers, quantity surveyors, field surveyors, and other professionals all play important roles in the economy’s growth and health.

They also play an even more important role as critical vectors in the prevention or promotion of economic crimes as professional advisers and enablers of various individuals and organizations involved in money laundering, illicit financial flows, and a variety of other types of financial crimes committed by their clients.

This ability to use acquired professional skills in a negative manner is the polar opposite of the ability to use acquired professional skills and capacity to combat corruption in society.

Each profession has a disciplinary body dedicated to the investigation, trial, and punishment of errant members, in keeping with the high moral standards expected of members of our various professions.

The fight against corruption cannot be won unless the professional sector is involved.

That is why the consistent engagement of the Association of Professional Bodies of Nigeria (APBN) with PACAC has been so crucial in this struggle.

All APBN member professions have stringent disciplinary rules dealing with the corrupt misconduct of their members.

All the laws governing professions contain fundamental principles of each profession and the ethical standards drawn from them.

These include integrity, objectivity, transparency, professional competence, confidentiality and professionalism as against random conduct.

As a result, the professional sector must be challenged to implement global industry best practices in the legal, accounting, property, building, and company services sectors.

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