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Official: EFCC Focusing on Real Estate in Crackdown on Money Laundering

Official: EFCC Focusing on Real Estate in Crackdown on Money Laundering

The Economic and Financial Crimes Commission (EFCC) has announced its focus on investigating suspected fraudsters who use real estate as a means for money laundering. This was revealed by Chris Mishela, a lawyer with the commission, during a training session for journalists in Benin. The training aimed to educate journalists on effectively reporting on economic and financial crimes, as well as informing them of their expected role in the framework of the new anti-money laundering Act of 2022.

Mishela emphasized the importance of the EFCC’s efforts in cracking down on money laundering in the real estate sector. He further stated that journalists play a significant role in exposing such fraudulent activities and that the training would equip them with the necessary tools to do so effectively.

By focusing on real estate, the EFCC hopes to combat money laundering schemes that often involve the purchase of properties with illicit funds. The training session for journalists is just one step in the commission’s efforts to tackle economic and financial crimes and promote transparency and accountability in Nigeria’s real estate sector.

As it is, I am talking about Abuja, you see so many estates coming all over Abuja and more.

“The sources of these funds are unlawful; the funds are illegally gotten either from government or from international crime that is used to launder through estate business.

“So, EFCC is actually working to look into that dimension and the new money laundering Act has provided an opening for the government to look into the aspect of real estate as we have seen under the Act.

Real estate is one of the designated and non-designated professions that is also under our obligation, under the establishment to do a full disclosure.

“It is an investigation that is going on; not that we have identified any specific entity to these proceeds of crime, but we are working to unravel what those areas are,” he said.

The EFCC official outlined the roles and responsibilities of individuals and corporate organizations under the new Act, stating that it is now a crime to make or receive cash payments exceeding N5 million. The workshop was organized to raise public awareness about the expanded scope of the Money Laundering (Prevention and Prohibition) Act 2022, as compared to the repealed Money Laundering Prohibition Act 2011.

While acknowledging that ignorance is not an excuse in law, the official explained that the commission believed it was important to educate individuals and corporate bodies, including the media, about the new law.

During the workshop, the Assistant Commander of the Public Affairs Unit of EFCC, Abuja, emphasized the significance of investigative reporting and urged journalists to provide leads for the commission. He encouraged participants to engage in journalism that involves thorough investigation, penetration, exploration, intensification, and exhaustive inquiries.

In addition, the Head of the Cyber Crimes Unit in EFCC, Benin, delivered a presentation on the risks and benefits associated with digital payment systems, highlighting tactics for safe transactions on various e-business platforms.

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