The Economic and Financial Crimes Commission (EFCC) has announced that it is currently investigating suspected fraudsters who use real estate to launder money. This was disclosed by Chris Mishela, a lawyer with the commission, during a training for journalists on how to effectively report on economic and financial crimes in Benin.
According to Mishela, one of the objectives of the training is to keep journalists informed about the new anti-money laundering Act of 2022 and the role they are expected to play. He further stated that the EFCC is focusing its attention on the real estate sector as there has been a proliferation of estates in Abuja and other parts of the country that are suspected to be funded with illegal money obtained from the government or international crime.
Mishela explained that real estate is one of the designated and non-designated professions that fall under the EFCC's obligation to ensure full disclosure. He emphasized that the investigation is ongoing and although no specific entity has been identified to be involved in proceeds of crime, the commission is working tirelessly to uncover all areas of concern.
Under the new Act, Mishela highlighted the roles and responsibilities that individuals and corporate organizations are expected to play in the fight against money laundering. He stated that it is now a crime to make or receive cash without proper documentation, and encouraged everyone to comply with the law to avoid legal consequences.