Many Properties In Abuja Are Money Laundering Proceeds – EFCC

The Economic and Financial Crimes Commission EFCC has announced its focus on individuals using real estate to commit money laundering and other financial crimes.

The commission stated this during a training session for journalists on effective reporting of economic and financial crimes in Benin, Edo State, EFCC lawyer, Chris Mishela, claimed that many estates being built in Abuja, Lagos and other parts of Nigeria were believed to be derived from fraudulent activities and money laundering.

Mishela revealed that real estate was one of the designated and non-designated professions under EFCC’s establishment obligation to disclose full information. Therefore, the EFCC is examining the aspect of real estate under the new money laundering Act to identify and investigate the proceeds of crime.

The training was to educate journalists on the new anti-money laundering Act of 2022 and their expected role in the process. The Head of Cyber Crimes Unit in EFCC, Benin, Mrs Oluwakemi Olawoyin, highlighted the risks and benefits of digital payment systems and advised the public to avoid opening links they didn’t initiate while on the internet.

The Assistant Commander, Public Affairs Unit of EFCC, Mr Dele Oyewale, charged journalists to assist in fraud investigation by providing leads through investigative reporting. The training was to make the public aware of the expanded scope of the Money Laundering (Prevention and Prohibition) Act 2022, which replaced the repealed Money Laundering Prohibition Act 2011.