The Chairman of Economic and Financial Crimes Commission, EFCC, Ola Olukoyede has warned Bureau De Change, BDC Operators and other business stakeholders across the country against illegal cash smuggling.
He gave the warning in Kano at a joint sensitization program organized by the Nigeria Customs Service, NCS, the Independent Corrupt Practices and Other Related Offences Commission, ICPC and the EFCC to educate participants on legal protocols for cash movement across Nigeria’s borders.
Under the theme “Illegal Cash Movement Through Nigerian Airports: Consequences, Legal Frameworks, and EFCC’s Enforcement Role,” Olukoyede, who was represented by Kano Zonal Director of the EFCC, Ibrahim Shazali, underscored the severe repercussions of non-compliance with Nigeria’s financial regulations.
He emphasized that illicit cash movement undermines economic stability and fuels crimes such as money laundering, terrorism financing and corruption.
Olukoyede also outlined the legal frameworks governing cash movement, including the EFCC Act (2004), Money Laundering (Prevention and Prohibition Act) 2022 and Central Bank of Nigeria guidelines.
He reiterated that individuals transporting cash exceeding ten thousand dollars or its equivalent must declare it to the Nigeria Customs Service, as failure to do so constitutes a criminal offense.
Section 3(3) of the Money Laundering Prevention and Prohibition Act declares cash transportation above ten thousand dollars or its equivalent without declaration illegal and Section 18 of the same Act mandates the BDCs to report suspicious transactions to the Nigeria Financial Intelligence Unit, NFIU.
The sensitization program highlighted the inter-agency commitment to enforcing compliance.
Representatives from the NCS and ICPC reinforced the importance of adhering to anti-corruption laws and cross-border financial regulations.
Editor: Okechukwu Eze)
