The EFCC issues a cautionary message to real estate agents, advising them against colluding with mon
The Zonal Commander emphasized the zone's unwavering commitment to combat financial crimes by enforcing all regulations.
On Wednesday in Ilorin, the EFCC urged real estate agents to refrain from becoming channels for money laundering. Michael Nzekwe, the Zonal Commander of the EFCC's Ilorin office, conveyed this message during a meeting with representatives of the Kwara chapter of the Estate Rent and Commission Agents Association of Nigeria (ERCAAN), who paid a courtesy visit to the EFCC. Nzekwe emphasized that real estate agents are crucial stakeholders in the fight against corruption.
You must adhere strictly to the provisions of the new Money Laundering Act, 2022 (as amended), the Advance Fee Fraud Act, and other Fraud-Related Offences Act, 2006, while maintaining the highest ethical standards in your operations," cautioned Nzekwe.
He emphasized that ignorance of the law would not be accepted as an excuse, and the EFCC would take action against anyone found in violation of the existing laws governing real estate business.
Nzekwe reiterated the zone's unwavering commitment to combat financial crimes by enforcing regulations that target fraudulent practices and money laundering, particularly within the real estate sector. He highlighted that real estate often served as a conduit for corrupt individuals to launder ill-gotten gains, urging ERCAAN members to familiarize themselves with the laws and regulations that govern the industry.
Furthermore, Nzekwe urged association members to ensure compliance with the requirement for registration and certification of their businesses by EFCC's Special Control Unit against Money Laundering. He encouraged real estate agents to promptly report any suspicious transactions to the relevant authorities, as mandated by the law.
Earlier, the chairman of the association, Adewole Onibokun, lauded the EFCC for its substantial efforts in combating corruption. Onibokun conveyed the eagerness of association members to support the EFCC in its endeavors to combat money laundering and other financial crimes within the real estate sector.
He explained that ERCAAN, established in 1990, was formed with the objective of championing the interests of Nigerian real estate agents committed to genuine and ethical practices.
"On behalf of our association, we acknowledge the pivotal role the EFCC plays in curbing corruption, and we acknowledge the positive impact it has had on our industry. This is why we have come to express our unwavering support and solidarity with the EFCC," Onibokun emphasized.
Leave A Comment