Veteran Nigerian actor and broadcaster, Patrick Doyle, has raised concerns about the real estate sector being a significant conduit for money laundering activities in the country. Doyle expressed his views during a recent symposium on financial crimes held in Lagos, where he highlighted the opacity in property transactions as a major enabler for illicit financial flows.
He pointed out that the lack of stringent regulatory oversight in the real estate industry allows individuals to invest large sums of untraceable money into properties, effectively legitimizing proceeds from corrupt practices. Doyle called on regulatory bodies and the government to implement stricter measures to curb this trend, emphasizing the need for transparency and accountability in property dealings.
His remarks have sparked discussions among stakeholders in the financial and real estate sectors, with many acknowledging the need for reforms to address the vulnerabilities exploited for money laundering purposes.