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Anti-Money Laundering and Curbing Terrorism Financing through Real Estate in West Africa

Author

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  • Emmanuel Kofi Cobbold

Abstract

Money laundering poses a growing global concern, particularly due to its links with terrorism financing. The Sahel and West African regions, marked by worsening security situations, are vulnerable to terrorist activities through money laundering. The money laundering process involves three stages: placement, layering, and integration. Among various methods used by criminals, real estate transactions are particularly favoured because they carry a low risk of detection. Many countries are now actively combating money laundering and terrorism financing. In West Africa, Burkina Faso, Mali, Senegal, and Nigeria (all countries on the FATF’s grey list) are taking significant steps in this direction. Ghana, which was removed from the grey list in 2021, has also enacted legislation to strengthen its fight against money laundering. Since real estate transactions are some of the preferred ways of laundering dirty money, real estate professionals have a crucial role to play in curbing the menace of money laundering and terrorism financing.

Suggested Citation

  • Emmanuel Kofi Cobbold, 2024. "Anti-Money Laundering and Curbing Terrorism Financing through Real Estate in West Africa," AfRES 2024-045, African Real Estate Society (AfRES).
    • Handle: RePEc:afr:wpaper:2024-045
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    More about this item

    Keywords

    Financing; money laundering; real estate; Terrorism; West Africa;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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