Story by Azaglo Fiakofi Michael
National Workshop On Enhancing Anti - Money Laundry And Combating The Financing Of Terrorism Compliance By Real Estate Agents/Practitionals Was Held Today.March 29th ,2021 at Alisa Hotel.Accra Ghana.
"The ability to travel from your various homes in your numbers to participate in this workshop is a sign of your unwavering resolve To Help to rebuild our economy which has been ravaged by the pandemic in the past year".said by Hon.Francis Asenso Boakye,Minister For Works And Housing,during his presentation.
That his expectations is that we will explore this unique opportunity presented by the mix of individuals of diverse backgrounds and experiences here to help share and shape our ideas regarding the fight against money laundering.
Money laundering is a form of financial crime which has become sophisticated now more than ever. The most prominent way in which this manifest is through the real estate market,where criminal integrate illegally acquired funds into legal economies to provide safe investment through the use of either direct cash to purchase properties or fictitious names to purchase properties, or the use of third parties and front men to purchase properties.
In this regards, he said"that the real estate sector has become an easy and convenient where financial criminals hide their millions of Ghana Cedis or convertible currencies from the state, there by depriving the requisite revenue for developmental project. It also discourages investment in legitimate businesses and has the potential to undermine the rule of law and the foundation of our democracy.
Indeed, there is enough statistics and empirical evidence to show how grave the situation is around the globe,"he said.
According to the Financial Action Task Force (FATF), the real estate sector accounted for up to 30% of criminal assets confiscated worldwide between 2011 and 2013."
It will be recalled that, a former Governor in an African country between 1999 to 2007,was sentenced to 13 years in prison after admitting fraud of nearly $66 million.
The judge in the case said that this figure is ludicrously low and that the real amount may be in excess of another $245 million. The governor used shall companies in multiple secretive jurisdictions to move the funds,which ended up in property and luxury goods around the world,and something must be done rather than to be loosing a lot of money,which I think it's right time we should come together to brainstorm the sanity in our industry.
These were public funds which could have otherwise been used in the interest of the public, but ended up in private hands.
As a public servants, we can't sit down and look an unconcerned for crimes of this nature to take place in our country,why because,consequently,a well - coordinated effort amongst stakeholders such as those gathered here would be required to address this menace,particularly, in view of the advancement in technology and our borderless world, which is making it increasingly difficult to follow the financial trail that criminals leave behind.
It is therefore, imperative that we harnes the expertise and information at our disposal to collectively fight this menace.
I, therefore reckon with the selection of the theme "Enhancing Anti Money Laundering and Combating the Financing of Terrorism (AML/CFT) Compliance by the Real Estate Agent /practitioners could not have come up at a more appropriate time than now,"He said. For,there is the need for us to collaborate to serve as gatekeepers to identify and keep records of beneficial owners of illegal entities, trusts and other legal arrangements in real estate transaction."
I'm happy to inform you that the ministry of works and housing in its quest to adhere to international best practices as part of the promulgated of the Real Estate Agency Act,2020 (Act 1047) incorporated provisions to plug the avenues in which real estate transactions are used to launder money including the prohibition of the use of cash for real estate transactions.
"This is to ensure that there is a detailed tracking of the transactions and those persons involved in the transactions will be brought to book,"he said.
The Act also strengthens the anti-corruption initiatives in the country and curbs money laundering and other financial malpractices in the sector. Similarly, the proposed rent Act when completed would make provision for a tenancy system which would compel landlords and property owners to conduct proper checks on tenants before renting out their properties.
It is envisaged that the full implementation of the new rent control department would help track the digitization operations of both landlords and tenants within the real estate market.
"I'm very pleased, he said.that as it would go a long way to help us to collectively police the anti-money laundering space. I also wish to assure everyone, that the recommendations of the workshop when submitted to the ministry would be studied and adopted for implementation.
It can only take a collective effort in sanitizing our real estate industry,that
Real estate is now a global industry which Ghana has taken the initiatives to pass the real estate demands by working close with Grader and FIC ,in other to bring sanity into our country to avoid criminals money into this country in buying properties.
It's about time we enforce the law," he said.