Money laundering: EFCC cautions travellers to observe $10,000 cash limit

THE EFCC has advised people travelling out of the country to adhere to the possession of a limit of $10,000 or be prepared to explain to the Customs Service, reasons why they would be carrying larger amounts.EFCC's Secretary, Mr. Emmanuel Akomaye, gave the advice in Abuja on Sunday while fielding questions at a forum of the News Agency of Nigeria.He said that persons who failed to adhere to the law could face conviction and the forfeiture of not less than 25 per cent of the cash they were carrying.'You are not supposed to travel out of Nigeria with cash of more than $10, 000, except you declare that information to the Customs officers either at the airports or any of the land borders.'Early last year, there was an American citizen who was travelling with I think about $45,000 or $50,000, the gentleman refused or neglected to declare it.'The law says that besides getting you convicted and sentenced to prison, you will also forfeit not less than 25 per cent of what you were carrying.'You are at liberty to carry more than $10, 000, but you must declare that information also, you may be asked to explain the source of money and why you will be carrying so much cash with you.''Akomaye also told NAN that it was important that Nigerians adhered to this rule so as to aid the EFCC in the fight against money laundering.He said that money laundering was a complex crime that manifested in various dimensions, hence the need for all Nigerians to help the agency to reduce it to its barest minimum.He said that the EFCC drove the Enforcement of Money Laundering law in and terrorism financing in collaboration with other agencies.The secretary noted that banks had also improved their due diligence on the opening of accounts, stressing that awareness needed to be improved in ensuring that due diligence was followed always.'You may have noticed that over the last one or two years, before you can operate an account, the bank asks you all manner of information, details of your profile, what we call customer due diligence. They must do that because there were cases in the past in which, you give your address as this NAN office and it turns out to be one mighty forest.'That is hardly possible today, the reason is, every account you open, they assign an account officer who must, as a matter of responsibility, verify the information you have supplied.
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