In view of the significant deficiencies in the real estate sector and the low level of effectiveness with respect to immediate outcomes, the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in partnership with the Real Estate Developers Association of Nigeria (REDAN) will be holding a three-day awareness workshop on enhancing Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) compliance among real estate dealers in Nigeria.
According to a press statement issued by the group on Thursday, the workshop’s goal is to provide a forum for participants to discuss their viewpoints, reach consensus, and develop cooperation and collaboration in order to protect and prevent money laundering in Nigeria’s real estate sector.
The statement further reads: “The National Risk Assessment (NRA) of Nigeria ranks the real estate as the 2nd most vulnerable to money laundering risk (medium-high). The Mutual Evaluation Report of Nigeria further states that Designated Non-Financial Businesses and Persons (DNFBPs), which include real estate businesses, generally have a low-level understanding of their ML/TF risks and AML/CFT obligations. Moreso, many operators are unaware of the NRA and its findings. Also, while large and more sophisticated entities conduct enterprise risk assessments, not all DNFBPs have registered with self-regulatory bodies (SRBs).
This workshop, therefore, will raise awareness and develop a common understanding among stakeholders concerning effective and proportional responses to the risk of money laundering through the real estate sector; discuss relevant standards and share related good practices for reaching out to the real estate sector; identify gaps in national legal and regulatory frameworks across the region; as well as enhance domestic cooperation, coordination and engagement between government, SRBs and the real estate sector.”
The programme, which is scheduled to hold from Monday 25th to Wednesday 27th April 2022 will have its participants drawn from the Special Control Unit on Money Laundering (SCUML), Real Estate Developers Association of Nigeria (REDAN), professionals in the real estate business value chain and officials of the Nigerian Financial Intelligence Unit (NFIU).
Also, the workshop will be delivered by regional and international experts through presentations, work groups, experience sharing and case studies.