THE ECONOMIC AND FINANCIAL CRIMES COMMISSION, EFCC HAS TASKED REAL ESTATE DEVELOPERS TO CONDUCT BACKGROUND CHECKS ON REAL ESTATE INVESTORS TO ASCERTAIN THE LEGITIMACY OF THEIR SOURCES OF INCOME.
THIS IS AS IT RAISED AN ALARM OVER THE WIDESPREAD OCCURRENCE OF MONEY LAUNDERING WITHIN NIGERIA’S REAL ESTATE SECTOR, CITING ESTATE DEVELOPERS AS KEY FACILITATORS DUE TO INADEQUATE CUSTOMER VETTING.
ACCORDING TO A PRESS RELEASE ON ITS SOCIAL MEDIA ACCOUNTS, THE COMMISSION’S CHAIRMAN, OLA OLUKOYEDE GAVE THIS CHARGE AT AN EVENT IN ABUJA, URGING DEVELOPERS TO PRIORITISE KYC CHECKS.
OLUKOYEDE NOTED THAT WHILE IT IS NOT MANDATED BY LAW, FAILURE TO DO KYC CHECKS MAY LEAD TO SEVERE CONSEQUENCES AS A PROPERTY BOUGHT WITH STOLEN MONEY COULD IMPLICATE DEVELOPERS.
