The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

Nigeria’s EFCC Devoted to Combating Money Laundering in Real Estate Sector

n-img-nigeria

The Economic and Financial Crimes Commission chairman says that the agency is committed to fighting money laundering & terrorist financing in the real estate sector.

On Monday, April 25, the chairman of EFCC Abdulrasheed Bawa addressed a workshop organised by the Inter-Government Action Group against Money Laundering in West Africa (GIABA). He spoke about the agency’s commitment to combating money laundering and terrorism financing in the real estate sector of the economy.

According to him, a Nigeria Evaluation Report reveals that Nigeria’s real estate sector is the second most vulnerable to money laundering.

The report, Mr Bawa said, placed Abuja, Port Harcourt, Kano, and Lagos, among the major cities where the property is regularly purchased, mostly in cash and often in foreign currencies.

The chairman said no one has been questioning the legality of such transactions. In June 2021, he said that the commission would be going all out to investigate money laundering in the real estate sector, as he stated that billions of naira were being laundered through the sector.

A 2020 report by the Civil Society Legislative Advocacy Centre (CISLAC), a Transparency International (TI) affiliate, cities such as Abuja, Lagos, and Port Harcourt are Nigeria’s major black spots for high-level capital flights, with media and court reports pointing to the involvement of criminals running fraud syndicates, drug trafficking, and property buying and development.

The report explained that money launderers and criminals used third parties, professionals, family members, and close acquaintances to obtain high-value real estate.

It added that the buyers commonly opened accounts using pseudonyms to transfer illegal monies into high-value real estate purchases.

Suggested read: Nigerian Parliament Strengthens AML/CTF Laws for Real Estate Industry

Related Posts

News

Binance revokes Upbit hackers’ attempt to launder stolen funds

At just after 16:00 UTC Wednesday, bot Twitter account Whale Alert notified Binance – which has e...

Binance revokes Upbit hackers’ attempt to launder stolen funds Explore More

News

PayPal Announces Suspension of UK Crypto Purchases from October

PayPal announced a temporary ban on UK cryptocurrency purchases, demonstrating their swift compli...

PayPal Announces Suspension of UK Crypto Purchases from October Explore More

News

Leaked Draft: EU Plans to Ban Privacy Enhancing Crypto Coins

CoinDesk has received a leaked draft of the money laundering bill, disclosing plans of the Europe...

Leaked Draft: EU Plans to Ban Privacy Enhancing Crypto Coins Explore More

News

Massive Cyberattack on Australia Uses Cryptojacking Exploits

According to the Australian Cyber Security Centre, a group of “state actors” hacked Australian ne...

Massive Cyberattack on Australia Uses Cryptojacking Exploits Explore More

News

KYC/AML and Sanctions fines reach $5.6 billion mid-year for global financial institutions

The leading provider of digital transformation and client lifecycle management (CLM) solution, Fe...

KYC/AML and Sanctions fines reach $5.6 billion mid-year for global financial institutions Explore More

News

Anti-Fraud Experts Advise the CBN to Reconsider its Decision to Ban Crypto

One year after the Central Bank Nigeria (CBN), imposed a ban on digital currencies, anti-fraud ex...

Anti-Fraud Experts Advise the CBN to Reconsider its Decision to Ban Crypto Explore More

News

IRS Deploys Effective Filters to Detect and Prevent Tax Evasion

The Treasury Inspector General for Tax Administration released an interim filing season report on...

IRS Deploys Effective Filters to Detect and Prevent Tax Evasion Explore More

News

OCC, FDIC, & Fed Warn Banks of Significant Risks in the Crypto Industry

Three US banking regulators, the Federal Reserve (Fed), Office of the Comptroller of the Currency...

OCC, FDIC, & Fed Warn Banks of Significant Risks in the Crypto Industry Explore More

News

Nigeria’s EFCC Devoted to Combating Money Laundering in Real Estate Sector

The Economic and Financial Crimes Commission chairman says that the agency is committed to fighti...

Nigeria’s EFCC Devoted to Combating Money Laundering in Real Estate Sector Explore More

News

Brazil’s financial regulator launches regulatory blockchain

The Banco Central do Brasil (BC) recently declared the launching of a new blockchain platform cal...

Brazil’s financial regulator launches regulatory blockchain Explore More

News

Ghost Coin deployed as payment for vending machines in Hong Kong

Ghost Coin, the privacy coin headed by John McAfee, can now be installed in vending machines in H...

Ghost Coin deployed as payment for vending machines in Hong Kong Explore More

News

COJ Organizes Anti-Money Laundering Unit to Meet FATF Standards

The Companies Office of Jamaica (COJ) has established an AML and CFT unit to comply with FATF req...

COJ Organizes Anti-Money Laundering Unit to Meet FATF Standards Explore More

News

Dubai Court Sentences Gang of 18 for Charges of Money Laundering

The Dubai Criminal Court has convicted a gang of 18 individuals belonging to different countries ...

Dubai Court Sentences Gang of 18 for Charges of Money Laundering Explore More

News

EU Watchdog Takes Deep Dive Into Banks’ Use of Technology

EU’s banking watchdog has recognized the need for RegTech solutions and proper regulatory standar...

EU Watchdog Takes Deep Dive Into Banks’ Use of Technology Explore More

News

FinCEN Extends the Comment Period of Virtual Currency Regulations

FinCEN– Financial Crimes Enforcement has finally agreed to reopen the comment period of reg...

FinCEN Extends the Comment Period of Virtual Currency Regulations Explore More

News

South Korea to Penalize the Non-Compliant Crypto Companies

Financial watchdogs in South Korea have announced regulations to prevent financial crimes in the ...

South Korea to Penalize the Non-Compliant Crypto Companies Explore More

News

Blockchain Association States Senator Warren’s Crypto AML Bill is a Threat to the US

The Blockchain Association has raised concerns about the recently proposed Digital Asset Anti-Mon...

Blockchain Association States Senator Warren’s Crypto AML Bill is a Threat to the US Explore More

News

Real Estate is Becoming a Primary Target for Money Launderers in the UK

According to a government report, Luxury London homes are a new method to launder illicit funds. ...

Real Estate is Becoming a Primary Target for Money Launderers in the UK Explore More

News

ABLV Asset Management Fined with €57,217 for AML/CFT Violations

FCMC (Financial and Capital Market Commission) has enforced a fine of €57,217 on ABLV Asset Manag...

ABLV Asset Management Fined with €57,217 for AML/CFT Violations Explore More

News

New South Wales (NSW) Government to Make Poker Machine Reforms after Victoria Introduces Strict Anti-Money Laundering Restrictions

The New South Wales (NSW) government of Australia continues to pressure gambling companies to str...

New South Wales (NSW) Government to Make Poker Machine Reforms after Victoria Introduces Strict Anti-Money Laundering Restrictions Explore More

News

President of Argentina Open to CBDC Adoption but Central Bank Says No

Alberto Fernandez, President of Argentina showed openness to adoption of Bitcoin and Central Bank...

President of Argentina Open to CBDC Adoption but Central Bank Says No Explore More

News

Swiss FinTech Firm LeonTeq ‘Strongly Refutes’ Allegations of Suspicious Transactions

Swiss FinTech firm LeonTeq has rejected allegations of suspicious transactions with possible link...

Swiss FinTech Firm LeonTeq ‘Strongly Refutes’ Allegations of Suspicious Transactions Explore More

News

G-20 impels countries to adopt tough FATF Regulations on Cryptocurrencies

Bankers and finance ministers in the G-20 (Group of Twenty) are urging for greater acceptance of ...

G-20 impels countries to adopt tough FATF Regulations on Cryptocurrencies Explore More

News

FCA Advises Firms to Embed Data and Technology to Combat Financial Crimes

Sarah Pritchard, the FCA executive director of markets, spoke at the Financial Crime Summit in Lo...

FCA Advises Firms to Embed Data and Technology to Combat Financial Crimes Explore More

News

Turkey at Risk of Becoming a Haven for Russian Sanctions

Turkey is facing rising pressure for compliance with sanctions imposed on Russia and to increase ...

Turkey at Risk of Becoming a Haven for Russian Sanctions Explore More

News

France to Test Digital Currency in the First Quarter of 2020

The digital currency race is building up and every country wants to take part in it. Now, Banque ...

France to Test Digital Currency in the First Quarter of 2020 Explore More

News

A Treasury Unit to Enforce New Anti-Money Laundering Laws in the US

A small bureau of the U.S Treasury Department will take a lead, over the next year, in filling ou...

A Treasury Unit to Enforce New Anti-Money Laundering Laws in the US Explore More

News

Central Banks of UAE and Saudi Arabia Released a Joint Report on CBDC

A joint report published by the central banks of UAE and Saudi Arabia, two countries with the mos...

Central Banks of UAE and Saudi Arabia Released a Joint Report on CBDC Explore More

News

“We Reaffirm Our Full Support for FATF’s Efforts Against Financial Crime” – G20 Leaders

According to the Rome Declaration, G-20 leaders ensure full support to back FATF recommendations ...

“We Reaffirm Our Full Support for FATF’s Efforts Against Financial Crime” – G20 Leaders Explore More

News

Swiss Government Gears Up to Establish a Central Registry for Beneficial Ownership

The Swiss government plans to set up a central registry for beneficial ownership, a step that ind...

Swiss Government Gears Up to Establish a Central Registry for Beneficial Ownership Explore More

News

Cambodia Seeks Exit from FATF Grey List in Early 2023

Cambodia has finally invited the Financial Action Task Force (FATF) to evaluate its progress in f...

Cambodia Seeks Exit from FATF Grey List in Early 2023 Explore More

News

30 Swiss Banks Failed Money Laundering Regulatory Analysis Test

The Swiss financial regulatory authorities overviewed the security of the banking sector and noti...

30 Swiss Banks Failed Money Laundering Regulatory Analysis Test Explore More

News

SARB Issues Guidance to Discourage the Termination of Crypto Transactions in Banks

The South Africa Reserve Bank (SARB)’s Prudential Authority has issued a guidance note to banks f...

SARB Issues Guidance to Discourage the Termination of Crypto Transactions in Banks Explore More

News

US Financial Committee to Investigate Crypto to Combat Terrorist Financing

The US House of Financial Service Committee (FSC)  is set to conduct an in-depth investigation of...

US Financial Committee to Investigate Crypto to Combat Terrorist Financing Explore More

News

UAE to Step Up AML Measures to Avoid FATF’s Gray List

After FATF’s warning to grey list the UAE for AML failures, the region is set to step up complian...

UAE to Step Up AML Measures to Avoid FATF’s Gray List Explore More

News

T-Mobile Suffers its Second Security Breach within Six Months

T-mobile US suffered its second data breach between late February and early March, affecting 836 ...

T-Mobile Suffers its Second Security Breach within Six Months Explore More

News

South Korean Government to Enforce Cryptocurrency Transaction Monitoring in H1 2023

The South Korean government is looking to implement crypto oversight by tracking transactions to ...

South Korean Government to Enforce Cryptocurrency Transaction Monitoring in H1 2023 Explore More

News

IRS Deploys Effective Filters to Detect and Prevent Tax Evasion

The Treasury Inspector General for Tax Administration released an interim filing season report on...

IRS Deploys Effective Filters to Detect and Prevent Tax Evasion Explore More

News

U.S States Open up to the Idea of Digital IDs in Post Pandemic World

The ID cards that were used by millions of people as proof of their identity may soon become a th...

U.S States Open up to the Idea of Digital IDs in Post Pandemic World Explore More

News

Giaba Trains BDC Operators for Money Laundering & Terrorist Financing

GIABA (Inter-Governmental Action Group against Money Laundering in West Africa) has started a thr...

Giaba Trains BDC Operators for Money Laundering & Terrorist Financing Explore More

News

Drug Trade Proceeds Laundered Through Digital Currency ATMs, Says DEA

According to the U.S Drug Enforcement Administration’s report, digital currency ATMs are growingl...

Drug Trade Proceeds Laundered Through Digital Currency ATMs, Says DEA Explore More

News

AML Council Warns Financial Institutions to Strengthen Systems for Effective Money Laundering Prevention

Banks and financial institutions should implement a strengthened anti-money laundering system to ...

AML Council Warns Financial Institutions to Strengthen Systems for Effective Money Laundering Prevention Explore More

News

Saskatchewan Government Invests $1.66m to Support Fight Against Money Laundering

The Government of Saskatchewan is spending $1.66 million on the Civil Forfeiture Program to back ...

Saskatchewan Government Invests $1.66m to Support Fight Against Money Laundering Explore More

News

Lloyds Banking Group Initiates “Pilot Scheme” to Combat Frauds

Lloyds bank initiates a “pilot scheme” with the London police to counter criminal act...

Lloyds Banking Group Initiates “Pilot Scheme” to Combat Frauds Explore More

News

Financial Crimes Surged Amid COVID-19, Says FATF

Financial Action Task Force (FATF) speaks up about the adverse effects of COVID-19 on financial r...

Financial Crimes Surged Amid COVID-19, Says FATF Explore More

News

Singapore offers $70M to aid the fintech industry during COVID-19

Singapore has allocated SG$125 million ($70.89 million) to assist its financial services industry...

Singapore offers $70M to aid the fintech industry during COVID-19 Explore More

News

India to Introduce Physical Cryptocurrency Bank Branches

India has been rapidly adopting the changes in the digital world and introducing physical banks f...

India to Introduce Physical Cryptocurrency Bank Branches Explore More

News

AML investigation results in NZ police freezing $140 million

Police have collected $140 million from the Canton Business Corporation and its owner Alexander V...

AML investigation results in NZ police freezing $140 million Explore More

News

Cambridge University Hospital Breach Exposes Data of Cancer and Pregnancy Patients

The Cambridge University Hospital admitted they mistakenly leaked over 22,000 pregnant women and ...

Cambridge University Hospital Breach Exposes Data of Cancer and Pregnancy Patients Explore More

News

Signature Bank under Criminal Investigation

US prosecutors are investigating the relation of Signature Bank with crypto clients as regulators...

Signature Bank under Criminal Investigation Explore More

News

Exchanges in Nigeria to Take Measures Against Crypto Scams

Nigerian cryptocurrency industry is to take strong measures to guarantee a safe trading environme...

Exchanges in Nigeria to Take Measures Against Crypto Scams Explore More

News

Binance in Trouble for Allegedly Aiding Money Laundering Worth $2.35 Billion

An inquiry into the world’s biggest crypto exchange Binance has revealed that it has aided money ...

Binance in Trouble for Allegedly Aiding Money Laundering Worth $2.35 Billion Explore More

News

Tether Executives to Face DOJ Bank Fraud Probe

Since its inception in 2014, Tether has become the third-largest cryptocurrency platform in the w...

Tether Executives to Face DOJ Bank Fraud Probe Explore More

News

FATF puts South Africa and Nigeria on Anti Money Laundering Gray list

The global financial watchdog puts Africa’s two biggest economies on Anti-money laundering grey l...

FATF puts South Africa and Nigeria on Anti Money Laundering Gray list Explore More

News

FCA Fines Nigeria’s Guaranty Trust Bank Over AML Control Failures

The (FCA) Financial Conduct Authority has charged 7.6 million pounds ($9.3 million) to the UK sub...

FCA Fines Nigeria’s Guaranty Trust Bank Over AML Control Failures Explore More

News

European Banking Authority Issues Latest Regulations on Crypto Travel Rules

The European Banking Authority (EBA) announced the new consultation process to implement the cryp...

European Banking Authority Issues Latest Regulations on Crypto Travel Rules Explore More

News

Bitcoin scam exposes thousands to a data breach

Fraud websites have successfully stolen the personal records of a number of individuals from the ...

Bitcoin scam exposes thousands to a data breach Explore More

News

Data of Half-Million Chicago Students Exposed in a Ransomware Attack

The personal information of more than half a million Chicago students and the staff was accessed ...

Data of Half-Million Chicago Students Exposed in a Ransomware Attack Explore More

News

European Commission Removes Morocco From High-Risk Money Laundering Watchlist

On Wednesday, the European Commission disclosed that Morocco was no longer listed on its high-ris...

European Commission Removes Morocco From High-Risk Money Laundering Watchlist Explore More

News

TD Banking Group Expects US Penalties for Money Laundering

TD Banking Group disclosed that they expect fines and non-compliance penalties related to US auth...

TD Banking Group Expects US Penalties for Money Laundering Explore More

News

HSBC Bank SMS Phishing Scam Targets UK Victims

A new phishing scam, designed to lure victims into handing over their HSBC bank account details, ...

HSBC Bank SMS Phishing Scam Targets UK Victims Explore More

News

Indonesia to Pass Regulations to Control Money Laundering

Indonesia is looking to develop a strong regulatory framework to curb money laundering and terror...

Indonesia to Pass Regulations to Control Money Laundering Explore More

News

FATF to Decide Grey Listing of South Africa

FATF will announce its decision regarding the greylisting of South Africa on 24th February 2023. ...

FATF to Decide Grey Listing of South Africa Explore More

News

Westpac Freezes Executive’s Bonuses Amid Money Laundering Scandal

Westpac’s board will withhold bonuses of all of its senior executives as an ‘interim’ step follow...

Westpac Freezes Executive’s Bonuses Amid Money Laundering Scandal Explore More

News

Saudi Bank Warns Citizens Against Financial Fraud Schemes Circulating via Fake News Websites

The Saudi Ministry of Commerce is reiterating warnings about fake news websites looting people by...

Saudi Bank Warns Citizens Against Financial Fraud Schemes Circulating via Fake News Websites Explore More

News

Ransomware attack targets Victoria Beckham’s personal data

Maze, the Ransomware gang strikes again. It seems that the victim this time is a US-based indepen...

Ransomware attack targets Victoria Beckham’s personal data Explore More

News

UAE Making ‘Strong Progress’ in Efforts to Prevent Financial Crimes

The Minister of Foreign Affairs said that the UAE is making “strong progress” to prevent illicit ...

UAE Making ‘Strong Progress’ in Efforts to Prevent Financial Crimes Explore More

News

Indiana Witnesses a Spike in Identity Theft and Data Breaches

Covid19’s outburst has resulted in exponential growth in online banking, purchasing, and eC...

Indiana Witnesses a Spike in Identity Theft and Data Breaches Explore More

News

CBUAE Revokes Dollar Exchange’s Licence over Regulatory Misconduct

The UAE Central Bank has revoked the licence of a dollar exchange house after it failed to keep a...

CBUAE Revokes Dollar Exchange’s Licence over  Regulatory  Misconduct Explore More

News

The UAE Hosts the Egmont Plenary to Promote Global Anti-Money Laundering Efforts

The UAE Financial Intelligence Unit is hosting this year’s Egmont Plenary event, which is e...

The UAE Hosts the Egmont Plenary to Promote Global Anti-Money Laundering Efforts Explore More

News

EU Suggests Blacklisting UAE Following “Dubai Uncovered” Leaks

The EU has suggested blacklisting UAE under the “Dubai Uncovered” leaks depicting how sanctioned ...

EU Suggests Blacklisting UAE Following “Dubai Uncovered” Leaks Explore More

News

US Treasury Targets Russian Oligarchs as Part of New to Tackle Illicit Finance

Strategy imposed by the US Treasury to combat illicit finance targets Russian Obligarch as part o...

US Treasury Targets Russian Oligarchs as Part of New to Tackle Illicit Finance Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started