The Economic and Financial Crimes Commission (EFCC) has recently announced its focus on investigating suspected fraudsters who use real estate for money laundering. Chris Mishela, a lawyer with the commission, disclosed this during a training for journalists on effective reporting of economic and financial crimes in Benin.

Mishela stated that the objective of the training was to keep journalists abreast of the new anti-money laundering Act 2022 and the role they were expected to play in the fight against financial crimes. He went on to express concern about the increasing number of real estate projects in Abuja, pointing out that many of them are funded with illegally obtained funds, either from the government or from international crimes.

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The EFCC official noted that real estate is one of the designated and non-designated professions that are obligated to do full disclosure under the new anti-money laundering Act 2022. Mishela emphasized that the EFCC is investigating this dimension of money laundering, but has not yet identified any specific entities involved in the proceeds of crime.

Mishela also mentioned that the new Act has made it a crime to make or receive cash payments above N5 million. He explained that the EFCC is making efforts to create awareness among the public about the expanded scope of the Money Laundering (Prevention and Prohibition) Act 2022, which replaces the repealed Money Laundering Prohibition Act 2011.

During the training, Dele Oyewale, the Assistant Commander of the Public Affairs Unit of EFCC in Abuja, urged journalists to engage in investigative reporting and provide leads for the commission. He stressed that investigative journalism is the pride of the journalism profession and encouraged participants to engage in journalism of penetration, exploration, intensification, and exhaustive inquiries.

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Additionally, Mrs. Oluwakemi Olawoyin, the Head of the Cyber Crimes Unit in EFCC Benin, made a presentation on the risks and benefits associated with digital payment systems, highlighting the tactics for safe transactions on various e-business platforms.

The training provided journalists with insight into the role they can play in combating financial crimes and money laundering in Nigeria.