Ibrahim Magu, the acting chairman, Economic and Financial Crimes Commission, EFCC, on Wednesday, sought a partnership with professionals in the building sector on how to fight money laundering and terrorism financing. This the EFCC did at the workshop organized by the Nigerian Institution of Estate Surveyors and Valuers, NIESV. The conference was done in collaboration with the Special Control Unit against Money Laundering, SCUML.
Magu presented a paper, titled “Prevention of Money Laundering and Terrorist Financing Through Property Transactions”, in which he urged participants to partner with the EFCC in the fight against corruption. He stressed the need to “identify the real owners of properties at any point in time”.
He said, “Money laundering at the highest level affects us all, as it steals money from you and me and erodes trust and confidence in our leaders, and the very worst thing we can do is to keep silent about it.
“I charge this gathering to come up with measures as to how we can establish transparency over who owns property or the companies that own which property in our country,” he said.
He further noted that six countries in the world, including Afghanistan, France, Kenya, the Netherlands, Nigeria and the United Kingdom signed up to publish registries of who owns and controls companies. He added that six more countries, Australia, Georgia, Indonesia, Ireland, New Zealand and Norway, have also agreed to work to explore doing same.