EFCC digs deeper into real estate holding to find money laundering

The Economic and Financial Crimes Commission (EFCC) is shining a light on people they think are scammers who use real estate to hide money.

Chris Mishela, an EFCC lawyer, gave the hint at a training for media in Benin, the city of Edo, on how to report on economic and financial crimes.

Mishela said, “You see so many estates being built all over Abuja and other places. The money for these estates comes from illegal sources.”

The lawyer said that most of the money used to buy land or houses comes from the government or from foreign crime.

Mishela said that the Money Laundering Act had given the government a chance to look into the ownership of real estate.

He also said that the industry is one of the “designated” and “non-designated” jobs where people have to tell the truth.

“We haven’t found a specific place where these criminal profits come from yet, but we’re working to figure out where they are,” the lawyer said.

Mishela also told the people to be aware of the difference between the Money Laundering (Prevention and Prohibition) Act 2022 and the Money Laundering (Prohibition and Prevention) Act 2011, which was thrown out.