Real estate professionals across Ghana have been urged to strengthen due diligence measures and uphold ethical standards to prevent the sector from being exploited for money launde
The report indicates that real estate professionals across Ghana have been urged to strengthen due diligence measures and uphold ethical standards to prevent the sector from being exploited for money laundering and other illicit financial activities.
It further notes that the call was made at a one-day workshop organised in Accra on Tuesday, June 30, by the Global Financial Integrity (GFI) in collaboration with the Real Estate Agency Council (REAC).
The event brought together brokers, property agents, developers and mortgage service providers to discuss the growing risks of illicit financial flows (IFFs) within the country’s real estate sector and the collective responsibility required to address them.
Speaking at the opening ceremony, the Acting Chief Executive Officer of the Real Estate Agency Council, Mr Emmanuel Jeffery, described the real estate industry as a critical pillar of Ghana’s economic development.
“The real estate sector occupies a strategic position within Ghana’s economy. Beyond providing housing and facilitating investment, it contributes significantly to economic growth, employment creation and wealth generation,” he said.
He, however, warned that the sector’s attractiveness to legitimate investors also makes it susceptible to criminal abuse.
“However, the sector’s attractiveness to legitimate investors also makes it vulnerable to abuse by persons seeking to conceal or legitimise proceeds derived from unlawful activities,” he added.
Mr Jeffery noted that the workshop provided an important platform for stakeholders to reflect on their responsibilities, share experiences and identify practical measures to protect the integrity of the industry.
“Today’s dialogue provides an important opportunity for us to reflect on our collective responsibilities, share experiences, discuss emerging risks, and identify practical measures that will enable real estate professionals to effectively contribute to the fight against illicit financial flows,” he stated.
He challenged participants to examine their role within the sector.
“The question before us is simple yet profound: Are we gatekeepers protecting the integrity of the real estate sector, or are we unknowingly creating opportunities for illicit financial activities?
“The answer will depend on our commitment to due diligence, transparency, ethical conduct, and compliance with the laws that govern our profession,” he emphasised.
In an interview after the event, the Manager of Compliance at the Financial Integrity Centre, Madam Mary Shireen Ofosu, underscored the importance of the workshop, noting that the real estate industry remains a key target for money laundering activities.
She explained that criminals often exploit property transactions as a means of disguising illicit wealth and integrating illegally acquired funds into the formal economy.
