The Economic and Financial Crimes Commission (EFCC) has stated that false cash declarations expose Nigeria to money laundering risks, highlighting its ongoing investigation of a passenger caught with $578,000.
The Commission warned Nigerians to desist from such practices, according to its statement on Saturday.
Operatives of the Lagos Directorate 2 of the EFCC stressed that they have commenced an investigation into a suspect, Okorie Sylvernus Sunday, who was arrested at Murtala Muhammed International Airport, Ikeja, Lagos, by the Nigeria Customs Service (NCS) with $578,000.
Nairametrics previously reported that the Nigeria Customs Service (NCS), Murtala Muhammed International Airport (MMIA) Command, had handed over $578,000 in seized cash to the Economic and Financial Crimes Commission (EFCC) after a passenger allegedly falsely declared the amount at the airport, officials announced on Friday.
The passenger, a male traveler arriving in Lagos from Johannesburg aboard South African Airways Flight SA60, initially declared $279,000 at the airport’s currency declaration desk.
However, during a routine inspection, customs officials discovered an additional $299,000 concealed in multiple packages, bringing the total sum to $578,000.
Authorities also found €100 and a counterfeit $250 note among the undeclared cash.
Effiong Harrison, the Comptroller of MMIA Command, who oversaw the handover to the EFCC, stated that the suspect’s actions violated the Money Laundering (Prohibition) Act of 2011.
EFCC Begins Probe of Suspect
Reacting to the development in a statement, the EFCC acknowledged receiving the suspect while commending the NCS for its cooperation with the EFCC.
The acting Zonal Director of the Lagos Zonal Directorate 2 of the EFCC, Okotie Eboh, Ahmed Ghali, stated that inter-agency collaboration was crucial to achieving a common goal.
He stressed that the Commission is probing the passenger for allegedly falsely declaring the cash he was carrying along.
“I want members of the public to be wary of this kind of act. It is incumbent on each and every person going out or coming into the country to declare any cash in excess of $10,000. It is mandatory by virtue of the provisions of our laws, especially the money laundering law,” he said.
- He appealed to the public to desist from the act of false declaration or non-declaration, highlighting that it contravenes Nigeria’s anti-money laundering laws.
“We will not allow anyone to sabotage the economy or the nation’s financial system. This kind of act exposes the country to a lot of risks in terms of money laundering; it also makes the country appear to be a haven for fraud. We will continue to synergize to ensure we have a better country, a stronger economy, and a more functional financial system,” he said.
He added that the long arm of the law would always catch up with anyone involved in criminal activities.
What to Know
- The seizure highlights ongoing efforts by Nigerian authorities to clamp down on financial crimes and ensure transparency in financial transactions.
- Over the years, airports have been key points of interception for undeclared funds linked to money laundering and illicit financial activities.
- As enforcement agencies continue to tighten regulations, officials urge travelers to comply with financial reporting laws to avoid legal consequences.
- The case remains under investigation.
