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Learn about Blockchain technology part 3

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some estates springing up in Abuja and other parts of the country are believed to be proceeds of fraud and money laundering: EFCC lawyer



 Some of the estates rising up in Abuja and other regions of the nation, according to Chris Mishela, a lawyer with the Economic and Financial Crimes Commission (EFCC), are thought to be the products of fraud and money laundering.


Mishela said they are coming closer to people hiding under real estate to commit money laundering and other financial crimes while speaking at a training session for journalists on how to report on economic and financial crimes in Benin, Edo State.


He stated: 


"In Abuja, there are a lot of estates popping up everywhere, and we suspect that the source of these cash is illegal money. The money is obtained illegally, either from the government or from international criminals, and is then laundered through the real estate industry.


Real estate is one of the designated and non-designated professions that is required to provide a full disclosure by the establishment.


"Thus, the EFCC is actually trying to investigate that component, and the new money laundering Act has given the government a chance to investigate the real estate-related part, as we saw under the Act.


"There is not an investigation underway; rather, we have determined with certainty that these are the proceeds of crime."


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