The Nigeria Customs Service (NCS) is set to introduce an electronic system aimed at enhancing the process for travellers declaring cash carried into or out of Nigeria.
The spokesperson for the NCS, Abdullahi Maiwada, disclosed this during an interview with the News Agency of Nigeria (NAN) in Abuja on Thursday.
He explained that the initiative is part of efforts to strengthen Nigeria’s anti-money laundering framework and improve compliance with financial regulations.
“The Nigeria Customs Service (NCS) has announced the deployment of 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 NAN report read in part.
It further stated: “Maiwada said that the form was designed to help travellers declare any currency exceeding the legal threshold before arrival or departure.”
Maiwada elaborated on the system, stating, “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.”
He noted that the system would be rolled out soon and is designed to enhance monitoring and facilitate information sharing with relevant authorities.
More insights
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 Customs authorities.
Maiwada added that the NCS is collaborating with airline operators to raise awareness about this requirement through announcements and plans to reinstate signage in English and French at airports and border points.
With this electronic declaration system, the NCS aims to ensure stricter compliance with international financial standards and bolster Nigeria’s efforts to combat money laundering activities.
What you should know
A few days ago, the Nigeria Customs Service (NCS), Murtala Muhammed International Airport (MMIA) Command, handed over $578,000 in seized cash to the Economic and Financial Crimes Commission (EFCC) after a passenger made a false currency declaration.
- The passenger, identified as Okorie Sylvernus Sunday, arrived in Lagos from Johannesburg on South African Airways Flight SA60. At the airport’s currency declaration desk, he initially declared $279,000. However, during a routine inspection, customs officials uncovered an additional $299,000 concealed in multiple packages, bringing the total amount to $578,000.
- The EFCC has since arraigned Sunday in Lagos on charges of money laundering in connection with the undeclared funds.
