Nigeria to Curb Money Laundering with E-currency Declaration Form
The Nigeria Customs Service (NCS) says it will deploy an Electronic-Currency (E-Currency) declaration form as part of its anti-money laundering measures for travellers carrying cash into and out of Nigeria.
The service spokesperson, Abdullahi Maiwada announced this in an interview with the News Agency of Nigeria (NAN) on Thursday in Abuja. Maiwada said that the form was designed to help travellers declare any currency exceeding the legal threshold before arrival or departure.
NAN reports that the Anti-Money Laundering (Prevention and Prohibition) Act 2022 and the NCS Act 2023 mandate that travellers carrying over $10,000 (about N15. 4 million) ( or its equivalent in negotiable instruments) must declare it to the NCS.
Maiwada explained that the electronic system would improve monitoring by allowing the NCS to share information with relevant authorities. “We have developed a system where, even before leaving your point of origin, you can scan a QR code, access the form, fill it out, and we will be able to see it from here.
“The NCS is set to deploy this very soon,” he said. According to Maiwada, the NCS is working with airline operators to include announcements about the declaration requirement for sums exceeding the stipulated amount.
Maiwada emphasised that the NCS was enhancing awareness on money laundering regulations and reinstating airport signage in English and French. He noted that recent currency seizures at airports and borders were a result of increased vigilance by the NCS.
“We have reinforced searches at all airports, entry, and exit points identified as high-risk areas for currency movement.
“It is not illegal to move any amount of currency, but when carrying more than $10,000 or its equivalent, travellers must declare it. If you conceal it, the law will take its course.
“In Kano Airport, a lady arriving from Saudi Arabia was caught with undeclared cash. Another case at Nnamdi Azikiwe International Airport, Abuja, involved $193,000 concealed in a yogurt carton.
“We have also intercepted undeclared CFA currency at Idiroko border,” he said. Maiwada further disclosed that the reinforcement of cargo scanning points had been instrumental in detecting smuggled cash.
“Density variations in scanned images serve as red flags, prompting further physical examination,” he explained. NAN reports NCS recently intercepted undeclared 1.1 million U.S. dollars and 135,900 Saudi Riyals at the Mallam Aminu Kano International Airport, Kano.
With these measures, NCS aims to strengthen Nigeria’s financial integrity and support efforts to remove the country from international financial watchlists. #Nigeria to Curb Money Laundering with E-currency Declaration Form US Dollar Rises Ahead of FOMC Announcement
