The Commander of the Ilorin Zonal Command of the Economic and Financial Crimes Commission (EFCC), Michael Nzekwe, has called upon real estate agents in Kwara State to cooperate with the commission in the fight against corruption and to refrain from being unwitting participants in money laundering activities….CONTINUE READING

Nzekwe emphasized his command’s commitment to combatting financial crimes by enforcing all relevant regulations, particularly to prevent illicit practices and money laundering in the real estate sector.

During a meeting with the executive members of the Kwara Chapter of the Estate Rent and Commission Agent Association of Nigeria (ERCAAN), led by Chairman Adewole Onibokun, held at the Commission’s office in G.R.A, Ilorin, Nzekwe underscored the role of real estate in facilitating the laundering of illicit funds by corrupt individuals.

He expressed satisfaction with the association’s initiative to engage in a courtesy visit and indicated that it provided an opportunity to discuss strategies to address this issue.

Nzekwe recognized the association as a crucial partner in the fight against corruption and encouraged its members to uphold high ethical standards.

He emphasized the importance of adhering to the provisions of the amended Money Laundering Act of 2022 and other relevant legislation, such as the Advance Fee Fraud Act and other Fraud-Related Offences Act of 2006.

The Zonal Commander emphasized that ignorance of the law would not be accepted as an excuse and warned that the commission would take action against anyone found in violation of the laws governing real estate agents in the country.

Nzekwe urged the visiting delegation to familiarize themselves with the laws and regulations governing the real estate sector, especially Section 3 of the Advance Fee Fraud Act of 2006.

This section imposes significant responsibilities on real estate agents, particularly in the context of customer identification (Know Your Customer – KYC) as a precautionary measure to avoid liability in case of any unlawful activity.

In response, the Chairman of the Kwara State chapter of the association, Mr. Onibokun, commended the EFCC for its substantial efforts in combating corruption.

He expressed the readiness of association members to support the commission in its fight against money laundering and other financial crimes within the real estate sector.