Regulatory Alerts2013-06-28 | FPR/DIR/CIR/GEN/03/004Section 2 of Money Laudering Prohibition ACT: Duty to Report International Transfer of Funds-Transportation of Cash or Negotiable Instruments in Excess of US$10,000 or its Equivalent
The Central Bank of Nigeria clarifies that Section 2 of the Money Laundering (Prohibition) Act does not prohibit individuals from transporting cash or negotiable instruments in excess of US$10,000 into or out of the country. However, it is mandatory for individuals with such amounts to declare them to the Nigerian Customs Service. Failure to do so or providing false declarations may result in prosecution and forfeiture of undeclared funds or instruments upon conviction. The provisions do not imply that transportation of such funds is prohibited, but rather require proper declaration to the appropriate authorities.
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