EFCC Urges Real Estate Agents to Combat Money Laundering

The Economic and Financial Crimes Commission (EFCC) has issued a compelling call to Real Estate Agents, urging them to partner with the Commission in the battle against corruption and to avoid becoming unwitting conduits for money laundering.

The declaration came from Michael Nzekwe, the Commander of the Ilorin Zonal Command of the EFCC, on Tuesday, September 19, 2023. Nzekwe delivered this message during a meeting with the executive members of the Kwara Chapter of the Estate Rent and Commission Agent Association of Nigeria (ERCAAN). The association was led by its Chairman, Adewole Onibokun, and the meeting took place at the EFCC’s office in Ilorin.

Commander Nzekwe emphasized that his Command remained resolute in combating financial crimes by vigorously enforcing all relevant regulations. This approach aims to curtail illicit practices and money laundering, particularly within the real estate sector.

He remarked, “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 on a courtesy visit because I know the visit will offer us the opportunity to discuss how we can deal with this issue.”

Nzekwe recognized the Estate Rent and Commission Agent Association as one of the key stakeholders in the anti-corruption campaign. He encouraged its members to maintain the highest ethical standards and pay close attention to the provisions of the new Money Laundering Act, 2022 (as amended), the Advance Fee Fraud Act, and other Fraud-Related Offences Act, 2006.

The Zonal Commander called upon the association’s members to familiarize themselves with the laws and regulations governing the real estate sector. He underscored the importance of the “Know Your Customer” (KYC) principle in dealings with customers, a practice that could safeguard agents from potential liabilities.

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Additionally, Nzekwe urged members to comply with the regulation mandating the registration and certification of their businesses by the Special Control Unit against Money Laundering (SCUML). He stressed the importance of reporting any suspicious transactions to the appropriate agency, as required by law.

In response, the Chairman of the Kwara State chapter of the Association, Mr. Onibokun, commended the efforts of the Ilorin Zonal Command in the fight against corruption. He expressed his members’ willingness to collaborate with the EFCC in combatting money laundering and other financial crimes within the real estate sector. This united front reflects their dedication to upholding integrity in their industry.