EFCC going after money launderers in real estate sector: Official
The Economic and Financial Crimes Commission (EFCC) says it is beaming its searchlight on suspected fraudsters using real estate for money laundering.
Chris Mishela, a lawyer with the commission, disclosed this in Benin during a training for journalists on effective reporting of economic and financial crimes.
Mr Mishela said several persons in the Federal Capital Territory now delve into real estate with unlawful funds obtained from the government or international crime.
“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,” Mr Mishela said.
“Real estate is one of the designated and non-designated professions that are 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.”
The EFCC official, who spelt out the roles and responsibilities that individuals and corporate organisations were expected to play under the new act, said, “it’s now a crime to make cash or receive cash payment above N5 million.”
He said the need to make the public aware of the expanded scope of the Money Laundering (Prevention and Prohibition) Act 2022, as against the repealed Money Laundering Prohibition Act 2011, necessitated the workshop.
He noted that though ignorance was not an excuse in law, the commission felt individuals and corporate bodies, including the media, should know about the law.
In her presentation, Dele Oyewale, the assistant commander, public affairs unit of EFCC, Abuja, tasked journalists on investigative reporting to provide leads for the commission.
Oluwakemi Olawoyin, the head of cyber crimes unit in EFCC, Benin, made a presentation on risks and benefits associated with digital payment systems, where she highlighted tactics for safe transactions on the various e-business platforms.
(NAN)
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