By Ejike Ejike, Abuja
The Economic and Financial Crimes Commission (EFCC) and the Nigerian Institution of Estate Surveyors and Valuers (NIESV) have partnered to curb money laundering and terrorism financing through real estate transactions.
This is even as the the Acting Chairman of the EFCC, Ibrahim Magu urged operators in the real estate sector to imbibe the culture of reporting transactions to discourage the use of the sector for money laundering.
Magu, represented by Mr Francis Usani also called on the stakeholders to imbibe the culture of keeping record of transactions to promote transparency in the sector.
He said available records had shown that the real estate sector had become a platform used by criminal to launder dirty funds beside the banks and other financial institutions.
Also speaking at the opening ceremony of a one-day workshop on anti-money laundering and terrorism financing in Abuja yesterday, the President of NIESV, Dr Bolarinde Patunola-Ajayi, said the workshop was organized by NIESV in collaboration with the EFCC for property sector stakeholders and it was directed at preventing money laundering through property transactions.
Patunola-Ajayi said the workshop was timely considering the need to check the excesses of quacks in the profession adding that, their activities were more prone to fraud.
“NIESV is a profession acknowledged by law and practice to handle property transactions but some people have just encroached into it from every corner.
“Whenever there is any problem, they come to us and we have discovered from our findings that a number of people are doing transactions behind us.
“So, there is need for us and the law enforcement agents to come together to see that there is sanity in property transaction to prevent money laundering through property transactions,” he said.