Declare $10,000 To NCS Or Risk 2-Year Jail, FG Tells Travellers

All travellers in possession of a sum exceeding ten thousand ($10, 000) dollars, must make a declaration to the Nigeria Customs Service (NCS).

According to the Money Laundering (Prevention and Prohibition Act) 2022, any person travelling within or outside the country, who fails to make the declaration, will be liable to two years imprisonment upon conviction by a court of competent jurisdiction.

Also, any person, who “willfully” obstructs the performance of duty of the Police, Department of State Services (DSS), or other relevant security and law enforcement agencies, risks a three-year jail term, if found guilty.

According to section 3 of the new money laundering act: “Transportation of cash or negotiable instruments in excess of US$10, 000 or its equivalent by individuals in or out of Nigeria shall be declared to the Nigerian Customs Service.

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“The Nigerian Customs Service shall report any declaration made under subsection (3) to the Central Bank of Nigeria and the Unit.

“Any person who falsely declares or fails to make a declaration to the Nigerian Customs Service under section 12 of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, commits an offence and is liable on conviction to forfeit the undeclared funds or negotiable instrument or to imprisonment’ for a term of at least two years or both”.