Freda Prempeh is the Deputy Gender and Children Protection Minister

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.