feel free to call 09056000005

‘Mandatory land registration, asset declaration can curb money laundering'

The Chairman, Board of Trustee of the Society for Professional Valuation, Mr Sola Enitan,has said mandatory land registration, assets declaration, valuation of properties of public office holders and collaboration between anti-graft agencies and professional bodies could curb money laundering and other forms of fraud in the country.

Enitan said anti-corruption agencies needed to upscale their efforts in the fight against money laundering in the country, adding that the effects of the scourge on economic growth called for concern.

 

He stated that land registration should be mandatorily complemented with oath offices while all land consent applications and registration should be preceded by affidavit of price authenticity.

According to him, during land transaction, the buyer, seller, buying agent, selling agent and the deed draughtsman should all be made to submit affidavit that the price disclosed for registration was the authentic price and on threat of perjury, they should swear to bear the consequences.

He stated that a central online land registry that would show land ownership would also go a long way to creating greater transparency over the origins of money in the market, particularly when it included the names of real beneficiaries of the property.

This, he said, would make investigations by the Economic and Financial Crimes Commission and the Independent Corrupt Practices and other related offences Commission much easier.

He said, “More transparency about what public officials own makes it harder for them to secretly amass wealth in office through corrupt practices. At the very least, public declaration of assets before and after officials are in office should be a universal practice.

“Real estate transactions are rarely between just the buyer and seller. Agents, banks and brokers play their role, and have opportunities to stop corrupt money entering the market.

“Money laundering through real estate is much harder when these professions act with integrity and are required to conduct checks on the real owner and the source of funds. They should have access to all the information they need, and should face consequences for not flagging suspicious transactions.”

He said money laundering effects on the nation’s economy were enormous and should be checked.

source: Maureen Ihua-Maduenyi

Similar Topics

The Osun State Government, in partnership with foreign collaborators, has initiated a reforestation...

4 days ago Read More

Dr. Seyi Olufemi, the CEO of Casafina Development Company, has counseled investors to purchase...

8 days ago Read More

The Economic and Financial Crimes Commission (EFCC) is tightening regulations on estate surveying...

12 days ago Read More

Nigeria has attracted $600 million in real estate investments over the past 13 years, according to...

17 days ago Read More

The real estate sector is still struggling despite its potential as economic challenges hinder...

19 days ago Read More

The Financial Caucus of African Ministers of Housing and Urban Development has elected Ahmed...

22 days ago Read More

Abuja was ranked as the least expensive African city for foreigners to reside in by the American...

22 days ago Read More

  Dr. Iziaq Salako, the Minister of State for the Environment, announced that Nigeria lost...

a month ago Read More

Leading figures in the real estate industry have expressed concerns about unethical practices by...

a month ago Read More

Nigeria has experienced approximately 604 building collapses between 1974 and May 30, 2024,...

a month ago Read More

In the past twelve months, Governor Peter Mbah of Enugu State, South East Nigeria, has shown a...

a month ago Read More

Land buyers at the Oko-Orisan waterfront residential scheme, developed by the Lagos State...

a month ago Read More

A development that is apparently strange in this clime is brewing as construction workers in...

a month ago Read More

The company’s Chief Executive Officer, Mr Odunayo Ojo, highlighted UPDC’s unwavering...

a month ago Read More

The real estate sector has undergone significant regulatory changes impacting housing market...

a month ago Read More

  The Nigerian Institute of Quantity Surveyors (NIQS) has announced plans to establish a...

a month ago Read More

  Nyesom Wike, the Minister of the Federal Capital Territory (FCTA), announced that the FCT...

a month ago Read More

Akintoye Adeoye, the newly elected President of the Real Estate Developers’ Association of...

a month ago Read More

  The Ministry of Housing and Urban Development announced that 8,925 individuals have...

a month ago Read More

The Building Collapse Prevention Guild (BCPG) has urged the Lagos State Government to investigate...

2 months ago Read More