Business News of Thursday, 1 April 2021Source: www.ghanaweb.comThe Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) has said the property market is one of the avenues used by criminals to launder their illicit fund. Addressing a workshop in Accra, the Director-General of GIABA, Aba Kimelabalou, said the real estate sector has been identified as one that exposes the financial system to money laundering risk. “The real estate sector is one of the main drivers of economic growth and the engine of social stability across member States, and thus constitute an important part of economic development within the region. Nonetheless, outcomes of typologies studies by GIABA and FATF, show that real estate is one of the sectors vulnerable to money laundering and terrorist financing. The GIABA boss added that his outfit is working around the clock to raise awareness on the money laundering issues in the real estate industry.

Source: GhanaWeb April 01, 2021 15:22 UTC