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the public aware of the expanded scope of the Money Laundering (Prevention and Prohibition) Act 2022, as against the repealed Money Laundering Prohibition Act 2011, necessitated the workshop.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)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Police arrest suspected thug in Kano
The police said the suspect had been placed on its wanted list after a series of complaints and intelligence reports linking him to crimes.
Heading 5
NDLEA, FRSC move to introduce drug tests for commercial drivers
Mr Marwa warned that drug use could impair drivers’ judgment.
World
U.S. Justice Department launches task force against AI abuse
Mr Stanley added that the U.S. comprehensive effort will promote innovation and prevent the misuse of superintelligence.
NationWide
U.S. Midterm Polls: APC should expect similar shift in 2027, says Accord Party
He said Nigerians were increasingly discontented with what he described as unpopular government policies.
Heading 3
Tinubu to attend APC rallies in Akwa Ibom, Rivers Friday
Mr Onanuga said Mr Tinubu will on Saturday leave for Port Harcourt, Rivers State, to take part in the All Progressives Congress rally.
States
PSC deploys new CPs for Plateau, three other states
The chairman urged the senior officers to be impartial and live up to the expectations of their new offices.
