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Money Laundering: EFCC Closes-in On Real Estate Developers


The Economic and Financial Crimes Commission (EFCC) has closed-in on developers over insinuations that suspected fraudsters invested proceeds of crime obtained through money laundering on real estate business. 

One of the EFCC lawyers, Chris Mishela stated this at a training for journalists on effective reporting of economic and financial crimes in Benin, Edo State capital. 

He said the essence of the training was to intimate journalists about the framework of the new anti-money laundering Act 2022 and their roles as media practitioners. 

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

“The sources of these funds are unlawful; the funds are illegally gotten either from government or international crime and laundered 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," he added. 

Mishela disclosed that real estate is one of the designated and non-designated professions under the purview of EFCC, adding that the commission has commenced investigation to unravel realtors involved in money laundering. 

While highlighting the roles and responsibilities of individuals and corporate organisations under the new Act, he stated that its now a crime to deposit or receive cash payment above N5 million.

He disclosed the need to enlighten the public on the  expanded scope of Money Laundering (Prevention and Prohibition) Act 2022 as against the repealed Money Laundering Prohibition Act 2011, which he said was one of the major crux of the workshop.

Mishela hinted that ignorance is not an excuse in law, noting that the commission is keen on letting individuals and corporate bodies including the media to be conversant about the law.

The Assistant Commander, Public Affairs Unit of EFCC, Mr Dele Oyewale, encouraged journalists to engage more on investigative reporting in order to provide leads for the commission.

He noted that investigative reporting is the pride of the journalism profession, pleading with the participants to engage in journalism of penetration, exploration, intensification and exhaustive inquiries.

Head, Cyber Crimes Unit of EFCC, Benin, Mrs Oluwakemi Olawoyin, highlighted the strategies for safe transactions on the various e-business platforms.

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