Crime

EFCC Warns Real Estate Agents Against Money Laundering In Kwara

Published

1 year ago

Sep 20, 2023.

Eko Hot Blog reports that The Commander of the Ilorin Zonal Command of the Economic and Financial Crimes Commission (EFCC), Michael Nzekwe, has issued a warning to real estate agents in Kwara State, urging them to collaborate with the commission in the battle against corruption and to avoid becoming conduits for money laundering.

Nzekwe emphasized his command’s commitment to combat financial crimes by enforcing all regulations, especially in the real estate sector, to prevent fraudulent practices and money laundering.

Speaking when he received executive members of the Kwara Chapter of Estate Rent and Commission Agent Association of Nigeria (ERCAAN), led by its Chairman, Adewole Onibokun, at the Commission’s office, G.R.A, Ilorin, he noted that “real estate is an avenue through which corrupt Nigerians launder proceeds of crime.”

“I was delighted when I got your letter that you would be coming to us on a courtesy visit because I know the visit will offer us the opportunity to discuss how we can deal with this issue,” he added.

Nzekwe described the association as one of the critical stakeholders in the fight against corruption and admonished members to live above board, while paying serious attention to the provisions of the new Money Laundering Act, 2022 (as amended) and the Advance Fee Fraud Act and other Fraud Related Offences Act, 2006.

He warned that “ignorance of the law is not an excuse,” adding that “the commission will go after anyone that violates any of the extant laws guiding the operation of the real estate agents in the country.”

The Zonal Commander encouraged his guests to adequately acquaint themselves with the laws and regulations guiding the real estate sector, particularly Section 3 of the AFF Act, 2006, which states that, “A person who, being the occupier or is concerned in the management of any premises, causes or knowingly permits the premises to be used for any purpose which constitutes an offence under this Act commits an offence and is liable on conviction to imprisonment for a term not more than 15 years and not less than 5 years without the option of a fine.”

He said this provision of the law placed serious responsibilities on real estate agents to make “KYC” (Know Your Customer) a precondition in dealing with customers so as to be free of liabilities in case of any eventuality.

Earlier, the chairman of the association in Kwara State, Mr Onibokun, commended the EFCC for its giant strides, particularly the efforts of the Ilorin zonal command in fighting corruption and expressed willingness of his members to assist the commission in fighting money laundering and other financial crimes in the real estate sector.

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