Friday, June 2, 2023
No Result
View All Result
SUBSCRIBE
eNaira Online News
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
eNaira Online News
No Result
View All Result

Anti-Money Laundering: How real estate practitioners can avoid illicit funds

by e-Naira Online News
May 31, 2022
in Real estate
Reading Time: 3 mins read
A A
0
Home Real estate
Share on FacebookShare on Twitter


Recently, the Anti-Money Laundering (AML) Bill was passed into an Act and a major part of its focus is real estate which is perceived a soft target for money laundering by criminally minded persons.

The Act is aimed to ensure that illicit funds are not allowed to get into the financial systems or into the economy. It does not encourage criminals to continue to perpetuate their crimes wherever they may be.

As a response to the passage of the Act, the International Real Estate Federation (FIABCI) Nigerian Chapter, organized an interactive session to examine the implications of the Act for real estate practitioners.

Kayode Adeluola, a Senior Advocate of Nigeria (SAN), who was the guest speaker at the event, noted that one of the easiest ways by which illicit funds got into the financial system was through real estate.

He explained that a lot of people who commit crime such as banditry, kidnapping, drugs peddling etc, usually do not have an idea of how to spend their ‘income’ and so the easiest way is to buy real estate.

Read also: How affordable homes initiative is revolutionising real estate market

“They do that because real estate doesn’t have a name that shows on it unless you put it; so they can use pseudo names. They can also use companies that are incorporated for that purpose,” he said.

“What I am saying is that practitioners of real estate must always ensure that they don’t allow themselves to be used for that purpose. They must know the customers they are dealing with and try as much as possible to know the source of their income.

“This is because the money laundering law expects that you should avoid retaining, acquiring or using funds from illegal transactions,” he advised.

The senior advocate advised further that real estate practitioner should do their own due diligence, suggesting that where they have done their duties and still not sure, they should inform the law enforcement agents and keep documents of transactions for, at least, five years.

“I also advise that they should have an indemnity form that clients should sign which states that the law mandates them to report transactions of a certain nature to law enforcement agencies so that those clients who are not coming forth with clean funds will either leave or comply with the law,” he said.

In spite of everything, Adeluola did not see the AML Act as a big win for the anti-corruption war in the country, saying, “it will only be a big win if all of us are participating in ensuring it’s enforced.

“Already we have in our laws provisions that encourage proper workability of businesses, ensuring that the methods and systems put in place guarantee an environment one can feel safe in. And when I say safe, I mean not only in security but also in the money you are investing,” he explained.

According to him, aside from the inflation which affects everyone, property prices keep increasing because there is a lot of illicit funds getting into real estate and that’s why we all must ensure that money laundering shouldn’t thrive.

Adeniji Adele, FIABCI-Nigeria President, disclosed that they chose that topic because there are so many policies on real estate because all eyes are on the players of the game because people think that illicit money finds its way into the market.

“We need to update our knowledge and sensitize our members and let the people outside our circle know that real estate practitioners are honourable people who follow the rules diligently; they know their customers and ensure that the money used to buy properties are genuine money,” he said.

“The act has just been enacted, so it is good for our people not to be caught unaware; This is part of education and networking for our members to know what is happening so that if anybody runs foul of it, there will be no excuse for ignorance,” he added.

Unrep desktop



Source link

Tags: antimoneyAvoidestatefundsillicitlaunderingpractitionersreal
Previous Post

Evercare Hospital reduces energy use 39% as building gets EDGE certification

Next Post

RevolutionPlus CSR initiative lifts 100 widows out of poverty

Related Posts

Land, mortgage, infrastructure top real estate operators agenda for Tinubu
Real estate

Land, mortgage, infrastructure top real estate operators agenda for Tinubu

by e-Naira Online News
May 31, 2023
Brill Realty deepens financial stability with land allocation empowerment
Real estate

Brill Realty deepens financial stability with land allocation empowerment

by e-Naira Online News
May 29, 2023
The Buhari Legacy Series: Buhari blows hot air on housing
Real estate

The Buhari Legacy Series: Buhari blows hot air on housing

by e-Naira Online News
May 25, 2023
Real estate firm set to curb housing shortage
Real estate

Real estate firm set to curb housing shortage

by e-Naira Online News
May 19, 2023
FEC approves $4.7bn for new ports in Ondo, Lagos and Delta
Real estate

FEC approves $4.7bn for new ports in Ondo, Lagos and Delta

by e-Naira Online News
May 18, 2023
Next Post
RevolutionPlus CSR initiative lifts 100 widows out of poverty

RevolutionPlus CSR initiative lifts 100 widows out of poverty

African Development Bank Group Launches Dedicated Trust Fund For Circular Economy

African Development Bank Group Launches Dedicated Trust Fund For Circular Economy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Why new Kano Governor, Abba Yusuf is seizing public assets sold by Ganduje

Why new Kano Governor, Abba Yusuf is seizing public assets sold by Ganduje

May 30, 2023
Dollar To Naira Exchange Rate Today (Wed. May 31, 2023)

Dollar To Naira Exchange Rate Today (Wed. May 31, 2023)

May 31, 2023
NNPCL chief, Kyari, claims fuel subsidy ‘vanished’ in Nigeria February

NNPCL chief, Kyari, claims fuel subsidy ‘vanished’ in Nigeria February

June 1, 2023
Capital Market Ready To Spur Investment In Infrastructure—Yuguda

Capital Market Ready To Spur Investment In Infrastructure—Yuguda

June 1, 2023
BREAKING: CBN Denies Devaluing Naira

BREAKING: CBN Denies Devaluing Naira

June 1, 2023
Tinubu meets Kalu, Abbas in Aso Rock Villa⁣⁣

Tinubu meets Kalu, Abbas in Aso Rock Villa⁣⁣

June 1, 2023
CONOIL Plc leads NGX’s positive start to June

CONOIL Plc leads NGX’s positive start to June

June 1, 2023
Stock market rises further by 0.07%

Stock market rises further by 0.07%

June 1, 2023
Nigeria’s Tax-To-GDP Ratio Is Now 10.86%

Nigeria’s Tax-To-GDP Ratio Is Now 10.86%

June 1, 2023
Monitoring Board completes revisions to its Charter and MoU with the IFRS Foundation

Monitoring Board completes revisions to its Charter and MoU with the IFRS Foundation

June 1, 2023

Get the free newsletter

eNaira Online News

Get the latest news and follow the coverage of eNaira, Business & Financial, Stock Market, Analysis, and more from the trusted sources.

CATEGORIES

  • Banking
  • Business
  • Capital Market
  • Companies
  • Crypto
  • eNaira
  • Finance
  • Opinion
  • Personal Finance
  • Real estate
  • Uncategorized
No Result
View All Result

GET THE FREE NEWSLETTER

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.