EFCC Warns Real Estate Operators Against Money Laundering

Economic and Financial Crimes Commission (EFCC), has charged real estate operators in Port Harcourt and environs to be professional and ensure due diligence in dealing with their customers.

EFCC spokesperson, Wilson Uwujaren said the assistant commander of the EFCC, Ibinabo Mary Amachree gave the charge in a welcome address to participants at a sensitization workshop on Anti-Money Laundering, Combating the Financing Terrorism and Countering Proliferation Financing, AML/CFT/CPF organised by the Special Control Unit against Money Laundering (SCUML), in Port Harcourt.

Ibinabo who represented the director SCUML, Daniel Isei, advised real estate operators to be law abiding and avoid being used by corrupt politicians in syphoning the nation’s resources.

While addressing them, she said, “I urge you to always conduct due diligence and apply the principle of ‘Know Your Customers’ (KYC) before consummating any transaction.”

She identified the sector’s vulnerabilities to include activities of unlicenced operators due to weak entry controls, cash transactions, and use of third parties.

She however charged the operators not to allow themselves to be used by corrupt elements in perpetrating crimes involving money laundering.

Also, the head of SCUML Port Harcourt command, Sunji Audu, enlightened the operators on the need to build the capacity of their staff and appoint compliance officers in line with provisions of the Money Laundering Act, 2022.

Also, Abubakar Bello of the Nigerian Financial Intelligence Unit, (NFIU), enlightened the participants on how to identify and report suspicious transactions to the NFIU.

“All real estate agents must report every suspicious financial transaction to the NFIU immediately the transactions are consummated,” he said.

He warned that not reporting of such activities or transactions attracts sanctions or penalties.