A professional body has known as the Society for Professional Valuation, (SPV) has called on Nigeria’s anti-corruption agencies to increase their efforts in the fight against money laundering relating to real estate capital.
They noted that the body can only upscale its efforts by understanding more how real estate capital are managed to promote transparency in the industry.
A report published by World Economic Forum reports that globally, the cost of corruption is at least $2.6 trillion, or five percent of the world’s Gross Domestic Product (GDP), meaning that no country, region, or community is immune to the negative impact of unethical behavior. And over 80 percent of proceeds of corruption find their safe nest in real estate.
According to experts, money laundering take several forms and anticorruption agencies needs to understand them.
The Chairman, Board of Trustee, Olusola Enitan made the call while speaking with newsmen to mark United Nations global anti-corruption day in Lagos.
He emphasized that before any country can experience economic growth, the fight against money laundering must be thorough, as the social menace affects sustainability of the nation’s economy.
To reduce corruption in the real estate sector, Olusola maintained that there was a need for pre- and post-construction development appraisal to clear issues of over and under invoicing and that procurement officer of private and public institutions ought to be held accountable through professional certification and strict ethical conduct.
He further added that the Economic and Financial Crime Commission (EFCC), should work concertedly with global agencies like Federal Bureau of Investigation (FBI), Central Intelligence Agency (CIA), MI5&6, to trace and report the suspicious movement of funds in account suspected of belonging to Nigerians across the globe and all suspicious transaction be reported to the authority.
On vacant houses that abound across the country, he said, “In most high precincts and communities, large swathes of vacant houses exist with the owners uncaring and unperturbed about the long vacancies of the properties running into years, the government should realise that these are symptomatic of money laundering and such properties ought to be taxed to ensure that they are engaged in production occupation once they are vacant for over one year.”
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