EFCC Warns Financial Crime is Thriving in Real Estate

According to the Economic and Financial Crimes Commission, EFCC, real estate companies are required to satisfy all applicable money laundering and terrorist financing laws before engaging in any transactions.

A Special Control Unit against Money Laundering (SCUML), Kano Command, assistant commander, ACE1 Farouq Dogondaji said this at an open-house workshop for Designated Non-financial Businesses and Professionals (DSNFBPs) organised by SCUML. Dogondaji said the workshop helps real estate operators identify and prevent money laundering threats.

He said SCUML would keep doing sensitisation sessions about money laundering and terrorism financing for non-financial businesses and professionals. DNFBPs report suspicious transactions to the NFIU, says Nafeesa Sani, an intelligence analyst with the Nigerian Financial Intelligence Unit.

The Compliance Officer for SCUML, Chief Superintendent of the EFCC, CSE Mathew Enu, advised participants to adhere to the Nigeria Sanctions Committee (NSC) to avoid sanctions by the organisation. “In today’s emerging risks and challenges, Financial institutions (FIs) and DNFBPs are seriously exposed to vulnerabilities of money laundering, terrorist financing, and proliferation of weapons of mass destruction and consequently risk being sanctioned. It is, therefore, necessary to adopt preventive measures in the FIs and DNFBPs sector to mitigate risks,” stated Mathew Enu.

As a defensive measure and in compliance with Anti-Money Laundering laws, Enu also advised DNFBPs to maintain accurate records. ACE1 Okoli Omagu, the Head of SCUML at the Kano Zonal Command, emphasised the importance of DNFBPs designating a compliance officer to report financial transactions to SCUML. “Designated Non-Financial Businesses and Professions shall appoint and designate an AML/CFT Compliance Officer with the relevant qualification, competence, authority, and independence to implement the company’s AML/CFT compliance programs,” stated.

A Compliance Officer should be a member of the management staff or the head of the DNFBPs, he explained. To ensure compliance with the latest developments in this field, he also instructed his employees to undergo training on money laundering techniques, terrorist financing laws, and regulations.

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