Many Estate Business Are Proceeds Of Money Laundry – EFCC
The Economic and Financial Crimes Commission (EFCC) has in Edo state, today, disclosed that it is currently investigating fraudsters who are using real estate business to launder money
The agency’s lawyer, Chris Mishela, made this known during a media workshop in Benin, Edo State.
According to Mishela, many estates that are springing up in the country, especially in Abuja, are built with illicit funds gotten either from government or international crimes.
This revelation comes as a concern to the country, as it shows how corruption and money laundering have infiltrated the real estate sector.
The new Money Laundering Act has provided an opening for the government to look into the aspect of real estate as it exists under the Act.
Mishela emphasized that real estate is one of the designated, non-designated professions, that are also under the EFCC’s obligation to do full disclosure, adding that the investigation is ongoing.
“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.
This revelation may prompt the government to take stern measures in curbing money laundering through real estate, including enforcing compliance with full disclosure rules and other regulatory mechanisms.
Concerned citizens have also called for enhanced regulations and oversight to check corrupt practices in the real estate sector, which has had a negative impact on the country’s economy and security.
