During a training session for journalists on reporting economic and financial crimes in Benin, Edo State, Chris Mishela, a lawyer for the Economic and Financial Crimes Commission (EFCC), has claimed that numerous estates emerging in Abuja and other parts of Nigeria are potentially the outcomes of fraudulent and money laundering activities.
Mishela explained that the EFCC is zeroing in on individuals who may be using the real estate industry to hide money laundering and other illicit financial activities.
Mishela further explained that real estate is one of the many professions that must comply with full disclosure obligations under the EFCC's establishment.
Additionally, the new money laundering Act has opened up opportunities for the government to scrutinize real estate's involvement in illegal fund laundering. Mishela noted that the EFCC is not conducting an investigation, but rather has identified that these properties are most likely the proceeds of criminal activity.
0 Comments