Kuni .G. isaac
A public enlightenment programme on investment and trade procedures organized by the federal ministry of industry, trade and investment in Lagos state was declared opened by the director trade (FMITI) Mr. Abubakar Aliyu
Mr. Aliyu spoke on the vulnerability of money laundering in the real estate sector and the need for effective partnership with self-regulatory bodies
He explained in detail the appropriate standards of exportation and importation, alongside he visualized the rise the nation would achieve if they focused on high exportation and less importation.
The event started on Wednesday 13th of April, 2022,
The director advised organizations to reach out to the appropriate firms at most times especially when it came to bargaining with bilateral trading agreements ( BTA ).
Mr. Enu Matthew of SCUML spoke on the global and national frameworks for the supervision of DNBPS as an AML/CFT Training Programme, the real estate business has become a cover for many launderers to work under hence organizations should safeguard themselves, to deter and also report these criminals that are bringing the country down gradually,
He gave prominent reasons for use of real estate/ construction companies in money laundering, the ability to buy real estate using cash to disguise their illicit proceeds.
He further defined money laundering as making dirty money look clean through illicit circumstances, the process by which criminals attempt to conceal the origin and ownership of their proceeds of criminal activities allowing them to maintain cover using illegitimate covers as their source of income.
Mr. Matthew laid out predicate offences from the law sector 15 related to the seminars topic, he made mention of bribery, corruption, Embezzlement & fraud, human smuggling and so many more following the stages at which launderers made their covers.
The stage Is where the funds are introduced without attracting attention, the individual can then take it to the bank in batches below the banks threshold to avoid being reported, most times the launderer will share the money below threshold to different individuals to deposit into the account this is called smurfing otherwise other processes like travel agencies, insurance policies and property purchases to cover their acts.
In This second phase the launderer will wire complex amounts from his accounts to national and foreign accounts to avoid being traced other processes like cash exports, conversion, barter/antiques, multiple deposits, scattered accounts, sales of properties and many more.
A process used in India- HAWALA whereby agents take money from banks physically for individuals to another country for known purposes, this process is used to separate sources from ownership and break audit trails.
Mr. Matthew stated this as the victory stage whence launderers set up legitimate businesses in different ways,
He also spoke on the differences between money laundering and terrorists financing,
Mrs. Folashade Oluwasanya of SCUML spoke further of real estate being a cover for money laundering, she said after investigation of AML/CFT the nation was rated as “ non-existent “
She afterwards handed over to Mr. Mathew who then summarized on the concepts of money laundering as the objective of the seminar was to enlighten about its effects it has on the country and how to restore balance against the disturbances of money laundering and terrorist financing,
The illegitimate acts would very much affect legitimacy in the nations and citizen’s businesses and organizations.
More update will be brought to you soon stay put with us as we take you through day 2