The Economic and Financial Crimes Commission (EFCC) has called upon real estate operators in Lagos to prioritise due diligence on their customers as a means to combat the issues of money laundering and terrorist financing in the country.
Michael T. Wetkas, the Lagos Zonal Commander of the EFCC, delivered this charge during a sensitization workshop on Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing (AML/CFT/CPF) organized by the Special Control Unit against Money Laundering (SCUML) at the EFCC’s Lagos Zonal Command in Ikoyi on Tuesday, June 27, 2023.
Wetkas emphasized the necessity of registration with SCUML as a measure to monitor and mitigate the risk of real estate operators being exploited by money launderers and financiers of terrorism. He urged Designated Non-Financial Businesses and Professions (DNFBPs) to conduct thorough due diligence and adhere to the Know Your Customer (KYC) principle before engaging in any transactions.
Paschal Samu, the Coordinator of SCUML, Lagos, highlighted that the workshop aimed to educate real estate operators about their obligations under the Money Laundering Act of 2022. He assured the participants that the EFCC would continue to engage stakeholders through ongoing awareness initiatives to encourage DNFBPs to align with SCUML’s activities.
During her presentation on “Anti-Money Laundering Policy, Controls, and Procedures,” ACE Korede Abdul-Aziz provided insights on how to identify and report suspicious transactions. She cautioned that failure to report such activities or transactions would result in sanctions or penalties. Abdul-Aziz also advised operators to enhance the capabilities of their staff and appoint Compliance Officers in accordance with the provisions of the Money Laundering Act of 2022.
Akintoye Adeoye, the Vice President of the Real Estate Developers of Nigeria (REDAN), commended SCUML for its continuous efforts in raising awareness about the dangers of money laundering. He expressed readiness to disseminate the message to other developers.
Source: EFCC Nigeria
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate