EFCC Restates Commitment to Fight Against Money Laundering in Real Estate Sector

EFCC Press Release

Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Abdulrasheed Bawa has reiterated the commitment of the Commission towards combating money laundering and terrorism financing in the real estate sector of the economy. He stated this in Abuja on Monday, April 25, 2022 at a Workshop by the Inter-Governmental Action Group against Money Laundering in West Africa, GIABA. 

According to him, the Nigeria Evaluation Report shows that the real estate sector is the second most vulnerable sector to money laundering practices in Nigeria. According to him,  places  like  Abuja,  Port Harcourt, Kano, Lagos are some of the  major cities where properties are  regularly purchased mostly in cash and often in foreign currencies,  with no questions asked by anybody,  about the legality of such transactions.

Bawa, who spoke through his Chief of Staff,  Hadiza Gamawa Zubairu, stressed that, based on the existing realities of the real estate sector, the EFCC will leave no stone unturned in combating money laundering practices in the sector. “Just last year in July, the EFCC launched an App called  “The Eagle  Eye” which has eased the processes  of reporting economic and financial crimes and also exposed  the flow of illicit funds in the real estate sector.  This indeed has provided useful intelligence and goes to show the level of commitment that EFCC has in the real estate sector”, she said.

Hadiza Gamawa Zubairu

She restated  the readiness  of the EFCC to  collaborate with relevant stakeholders  in its  efforts towards combating the menace, while also strengthening the capacity of the  Special Control Unit against Money Laundering, SCUML  to effectively discharge its responsibilities in enforcing compliance in the real estate sector. The EFCC boss added that, loopholes being exploited to launder funds in the real estate sector are weak regulations, lack of strict parameters for business practices by the regulatory bodies, poor compliance to laws, among others.

Also, Director of the Nigerian Financial Intelligence Unit, NFIU Modibbo Hamman Tukur called  for collaboration and coordination among agencies, locally and regionally,  in combating money laundering and illicit financial flows .  He proposed stronger legislative regulations, including the need for every citizen in GIABA member states to be linked to a unified identification number, in order to make it easier to track culprits.

In his own submissions,  Secretary,  Real Estate Developers Association of Nigeria, REDAN, Yunusa Shuaibu, called for stricter regulation and coordination in the real estate sector, stressing that “the sector is currently free for all”.  “We are ready to cooperate at all times to achieve this feat and this is why we decided to sponsor a bill at the National Assembly”, he said.

Director of Evaluation and Compliance, GIABA, Dr. Bruno Nduka, particularly thanked  Bawa for taking keen interests  in the activities of GIABA and providing  tremendous support to the association. He said the real estate sector is one of the main drivers  of economic growth and engine of social development across GIABA- member states.

Wilson Uwujaren Head, Media & Publicity 25 April, 2022

COURTESY VISIT TO SELF-REGULATORY ORGANIZATIONS (SROs) AND TRADE ASSOCIATIONS (TAs)

In the spirit of collaboration and cooperation, the Director of SCUML, Mr. Daniel Isei, having the mandate of the new Executive Chairman of the EFCC, paid courtesy visits to the Leadership of the DNFI SROs. The visits were aimed at seeking partnership and synergy in the fight against money laundering, terrorism financing and proliferation financing amongst the DNFIs in Nigeria.

During the visits, the Director also used the opportunity to enlighten and sensitize the leadership of the SROs on the AML/CFT obligations, duties and liabilities of their members and need for collaboration.  

On their part, the Leadership of the SROs pledged their unalloyed supports for SCUML and by extension, the EFCC in its new drive in the fight against Money Laundering and Terrorism Financing. They also reiterated their commitment to ensure that their members comply with the Nigeria AML/CFT laws and supplementary regulations.

The Director, in a company of some of his senior officers visited the SROs at their respective Corporate Headquarters, in Lagos and Abuja. The following SROs and TAs were:

  1. Institute of Chartered Accountants of Nigeria (ICAN)
  2. Chartered Institute of Taxation of Nigeria (CITN)
  3. Association of Professional Bodies of Nigeria (APBN)
  4. Nigeria Institution of Estate Surveyors and Valuers (NIESV)
  5. Association of National Accountants of Nigeria (ANAN)
  6. Real Estate Developers Association of Nigeria (REDAN)
  7. Lagos State Lottery Board
  8. Nigeria Network of NNGo
  9. Spaces for Change
  10. Association of Casinos Operators of Nigeria (ACON)
  11. Jewelry Marketers Association of Nigeria (JEMA)
  12. Precious Metal Gold Processors and Exporters Association of Nigeria (PMGPEAN)
  13. Nigeria Lottery Operators Forum (NLOF)
  14. Association of Motor Dealers of Nigeria

Sensitisation Workshop for SRBs

SCUML organised a 2-day zonal sensitisation workshop for Self Regulatory Bodies (SRBs) in the Designated Non-Financial Business and Profession (DNFBP) Section on Anti-Money Laundering and Countering Financing of Terrorism (AML & CFT). This porgramme was funded by the European Union and held on 30th and 31st January 2019.