By Damilola Adeleke

The Economic and Financial Crimes Commission (EFCC) has reaffirmed that individuals moving cash exceeding $10,000 or its equivalent must declare it to the appropriate authorities, warning that failure to do so constitutes a criminal offence.

This was disclosed by EFCC Chairman, Ola Olukoyede, during a sensitization event in Kano on Saturday, April 26. Represented by the EFCC Kano Zonal Director, CE Ibrahim Shazali, Olukoyede highlighted that the law is clear under Section 3(3) of the Money Laundering (Prevention and Prohibition) Act.

The event, held in collaboration with the Nigeria Customs Service (NCS) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), aimed to educate Nigerians about legal cash movement procedures, particularly at border points and airports.

Olukoyede also cautioned Bureau De Change operators and business stakeholders, urging strict compliance with financial laws. He warned that offenders risk imprisonment, fines, and asset forfeiture.

He emphasized that Section 18 of the Act mandates BDCs to report suspicious transactions to the Nigeria Financial Intelligence Unit (NFIU), adding that ignorance will not be an acceptable excuse for non-compliance.

The EFCC pledged continued collaboration with other agencies to enforce financial regulations and combat money laundering.