Audio By Carbonatix
The Ghana Real Estate Development Association is seeking support from development partners and the government to undertake strategic initiatives to track down illicit financial flows into the housing sector.
Speaking to Joy Business after addressing a national workshop on enhancing anti money laundering compliance by designated non-financial businesses and professions in Accra, President of the Association, Patrick Ebo Bonful said the urgent call for support in monitoring and tracking illicit money flows is as a result of the recent evaluation report which highlighted the real estate sector as the weak link to anti money laundering activities.
This situation could have adverse implications on national and regional efforts in combating money laundering and terrorist financing.
Mr. Bonful believed that the association can implement measures to reduce the canker if necessary support including finance is provided.
“We just need the logistical support to be able to do a proper tracking and monitoring of such people. All this has to do with money”.
“Installation of critical technological devices and the manpower will need some support, so we believe that if the relevant stakeholders come together to give us the necessary push, we can fight this canker” he said.
Meanwhile, the Minister of State for Works and Housing, Dr. Freda Prempeh has assured that relevant regulations are being worked on to ensure that the issue of money laundering in the real estate sector is dealt with appropriately.
The primary objective of the programme is to provide supervisors, self-regulatory bodies and real estate professionals with requisite knowledge on the vulnerabilities, methods and channels used by criminals in the real estate sector to launder money.
Latest Stories
-
Morocco and Senegal set for defining AFCON final under Rabat lights today
57 minutes -
Trump tariff threat over Greenland ‘unacceptable’, European leaders say
1 hour -
Evalue-Ajomoro-Gwira MP kicks against VALCO sale
2 hours -
Mercy Johnson withdraws alleged defamation case against TikToker
2 hours -
Ghana accepted Trump’s deported West Africans and forced them back to their native countries
3 hours -
No evidence of theft in Unibank Case – A‑G explains withdrawal of charges against Dr Duffour
3 hours -
Labourer remanded for threatening to kill mother
3 hours -
Court remands farmer over GH¢110,000 car fraud
4 hours -
Tension mounts at Akyem Akroso over ‘sale’ of royal cemetery
4 hours -
Poor planning fueling transport crisis—Prof. Beyuo
5 hours -
Ahiagbah slams Prof. Frimpong-Boateng over “fake” party slur
5 hours -
Family traumatised as body of Presby steward goes ‘missing’ at mortuary
5 hours -
Why Ghana must maintain the NPA’s price floor in the petroleum market
6 hours -
Serwaa Amihere apologises to PRESEC community over ‘homosexual breeding ground’ comment
7 hours -
Dr Arthur Kennedy slams NPP’s “dubious” plot to expel Prof Frimpong-Boateng
7 hours
