December 6, 2017

The Nigerian Institution of Estate Surveyors and Valuers (NIESV) says it is collaborating with the Economic and Financial Crimes Commission (EFCC) to curb money laundering and terrorism financing through real estate transactions.

Dr Bolarinde Patunola-Ajayi, the President of NIESV, said this at the opening ceremony of a one day workshop on money laundering and terrorism financing on Wednesday in Abuja.

Patunola-Ajayi decried the increasing number of quacks in real estate business.

He said the workshop, organised by NIESV in collaboration with the EFCC for property sector stakeholders, was directed at preventing money laundering through property transactions.

He said the workshop was timely in view of the need to check the excesses of quacks in the profession, noting that their activities were more prone to fraud.

“NIESV is a profession acknowledged by law and practice to handle property transactions but some people have just encroached into it from every corner.

“Whenever there is any problem, they come to us and we discovered from our findings that a number of people are doing transactions behind us.

“So, there is need for us and the law enforcement agents to come together to see that there is sanity in property transaction, to prevent money laundering through property transactions.”

He advocated for the adoption of a control measure where every transaction in real estate would carry a stamp of the Estate Surveyor and Valuers Registration Council of Nigeria.

The NIESV president said the control measure would guarantee proper record keeping and report of transactions as required by the EFCC.

He said that as a means of control, whoever does not have the stamp could be guaranteed.

“With the stamp, it will be on record because the number will be there and that is what we want the EFCC and the Federal Government to support us to achieve,” he added.