THE Economic and Financial Crimes Commission has said that all real estate developers must be members of the Real Estate Developers’ Association of Nigeria.

This, it noted, was part of measures to curb money laundering and transfer of ill-gotten wealth into the real estate sector.

Disclosing this during the inauguration of REDAN Seals and Magazine in Abuja on Tuesday, the Director, Special Control Unit against Money Laundering, EFCC, Mr Daniel Isei, said the new requirements “will allow easy prosecution, conviction and confiscation of ill-gotten wealth and fraudsters in the country.”

Isei, represented by Mr Enu Mathew, also said the directive would help the real estate body to carry out due diligence on all members and avert quackery in the real estate sector.

He said, “The (REDAN) seal will help to classify members with seal and those without seal. The seal will be a requirement for SCUML.”