The Civil Society Legislative Advocacy Centre, CISLAC, as identified money laundering through the real estate sector as one of the biggest factors militating against the fight against corruption in the country.
The Executive Director of CISLAC Mallam Auwal Rafsariani state this at the public presentation of its report and research entitled How money laundering through real estate impact the Nation’s fight against corruption”
Mallam Auwal said the Nation had been in the news for high level fraud and continuously high level of capital flight as the illegal proceeds were cleaned up through the real estate sector in the Country’s high brow cities such as Lagos, Abuja Port Harcourt or in tax havens outside the Country
The CISLAC Executive Director said despite wreaking social consequences and economic impacts, the National Security ramifications might be even more significant, as money laundering using real estate was becoming a key vehicle to move corrupt money from crime and terrorist groups
The President, Nigeria Institution of Estate Surveyors and Values, Chief Emmanuel Wike said the institution was a professional body, guided by the principles of honesty, devotion and transparency
Chief Wike said the institution was equally committed to the course of the Federal Government and relevant stakeholders especially the NGO’s in the fight against corruption
An Independent financial investigator on submissions Mrs Chinwe Ndubueze said the real estate sector was the second most vulnerable to money laundering risk next to Bureau de Change Operators, she, therefore, urged the Anti-graft and other relevant agencies charged with the responsibility of fighting corruption to closely monitor activities of the real estate operators to curb money laundering in the Country