The Economic and Financial Crimes Commission (EFCC) has issued a stern warning on the grave consequences of illegal cash trafficking, stressing that violators face serious repercussions such as imprisonment, hefty fines, and asset forfeiture.
Speaking on the issue, EFCC Executive Chairman, Olanipekun Olukoyede, reiterated the agency’s unwavering commitment to prosecuting offenders and safeguarding the integrity of Nigeria’s financial system in collaboration with other sister agencies.
The EFCC also drew attention to key provisions of the Money Laundering (Prevention and Prohibition) Act, particularly Section 3(3), which makes it illegal to transport cash amounts exceeding $10,000 (or its equivalent) without proper declaration.
Section 18 of the Act further mandates Bureau de Change (BDC) operators to report suspicious transactions to the Nigeria Financial Intelligence Unit (NFIU).
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The agency emphasized that its ongoing sensitization efforts are part of a broader inter-agency push to enforce full compliance with financial laws.
Olukoyede urged all stakeholders to prioritize national interest over personal gain, stating that compliance is not merely a legal requirement but a patriotic duty. He added, “Together, we can curb illicit financial flows and strengthen our nation’s economic security.”
As part of its commitment to fostering greater awareness, the EFCC is encouraging Nigerians to stay informed and take action to protect the country’s financial integrity.