The Special Adviser to the Lagos State Governor on Housing, Barr. Barakat Odunuga-Bakare has emphasised the critical need for compliance with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations within the real estate sector.

She expressed this view while speaking at a two-day workshop organised by the Economic and Financial Crimes Commission (EFCC), themed: “Developing Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Compliance Culture in the Real Estate Sector”, in Lagos, recently.

The Special Adviser, who was represented by the Director, Monitoring and Compliance Department, LASRERA, Mrs. Tope Akinbola underscored Governor Babajide Sanwo-Olu’s unwavering commitment to promoting transparency, accountability, and good governance in the real estate sector in the State.

Odunuga-Bakare stated that the increasing rate of reported fraudulent practices and cases received by LASRERA signals a pressing need for vigilance and adherence to the regulatory framework. She stressed the significance of complying with both domestic and international laws governing Anti-Money Laundering and Combating the Financing of Terrorism to maintain the integrity of the real estate market.

The LASRERA Boss equally emphasised the importance of collaborative efforts among stakeholders, including government agencies, law enforcement bodies, civil society organisations, and the private sector, in combating corruption within the real estate sector.

She commended the EFCC for organising the timely workshop, providing a platform for constructive dialogue and knowledge exchange, just as she expressed gratitude to the Zonal Commander of Lagos State and other EFCC officials for their collaboration with LASRERA in ensuring the integrity of the real estate sector in the state.

The workshop served as an opportunity for participants to develop strategies to enhance AML/CFT compliance culture within the real estate sector, fostering a collective resolve to uphold principles of honesty, transparency, and accountability.

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