The Kano Zonal Director of the Financial and Monetary Crimes Fee (EFCC), Ibrahim Shazali, has issued a stern warning to travellers, together with businessmen, pilgrims, and vacationers, that violations of Nigeria’s money motion legal guidelines may result in forfeiture of funds and a minimal of two years’ imprisonment.
Shazali delivered the warning throughout a strategic sensitisation programme for stakeholders on the authorized necessities for the motion of money out and in of Nigeria. The occasion was collectively organised by the Nigeria Customs Service (NCS), the Impartial Corrupt Practices Fee (ICPC), and the EFCC.
Talking on the programme, Shazali emphasised that ignorance of the regulation wouldn’t be accepted as an excuse and that offenders would face strict penalties.
“Nigeria, as a signatory to worldwide anti-money laundering conventions, has carried out strong legal guidelines to manage money actions,” he mentioned. “The Central Financial institution of Nigeria (CBN) Act, the Cash Laundering (Prevention and Prohibition) Act 2022, and the EFCC Institution Act clearly define the obligations and penalties concerned. But many travellers, whether or not out of ignorance or deliberate evasion, proceed to breach these legal guidelines.”
He defined that underneath Nigerian regulation, any traveller carrying money above $10,000 or its equal should declare it to the Nigeria Customs Service on the level of entry or exit. Failure to take action is a felony offence underneath the Cash Laundering Act. Travellers should additionally current proof of the reputable supply of funds, comparable to financial institution withdrawal slips, gross sales receipts, or firm monetary information.
Undeclared or suspicious funds, he added, are liable to seizure and forfeiture, and no particular person or company physique is permitted to bodily transport giant sums of money with out prior authorisation from regulatory authorities. Excessive-value transactions are inspired to be performed electronically to make sure traceability.
Highlighting the results, Shazali said that the EFCC, in collaboration with the NCS and ICPC, has intensified surveillance at airports to curb illicit monetary flows.
“Violators can be arrested and prosecuted underneath Part 2 of the Cash Laundering Act and Part 13 of the EFCC Act. They threat everlasting confiscation of undeclared money and a minimal of two years’ imprisonment upon conviction,” he mentioned.
He additionally warned that repeat offenders may face blacklisting and journey restrictions, whereas companies and people concerned in unlawful money actions might lose banking privileges and public belief.
Shazali concluded by calling on all stakeholders to assist and adjust to authorized measures geared toward combating illicit monetary actions, stressing the significance of the sensitisation initiative in safeguarding Nigeria’s monetary system.
