The Central Bank of
Nigeria (CBN) says it will collaborate with relevant agencies to discipline
anybody who is involved in foreign currency trafficking across Nigerian
borders.
The bank said this in a
statement issued on Sunday in Abuja, signed by Mr Ibrahim Mu’azu, the Director
of Corporate Communications of the bank.
``The CBN notes with
concern the increasing trafficking of huge sums of foreign currency across our
borders.
``This practice is in
defiance of the extant dictates of Section 2, Sub-section 3 to Sub-section 5 of
the amended Money Laundering Prohibition Act of 2011,’’ the statement said.
The statement said that
the apex bank insisted that transportation of cash or negotiable instruments in
excess of 10,000 dollars or its equivalent by individuals in or out of the
country should be declared to the Nigerian Customs Service (NCS).
It added that the NCS
should report any declaration made pursuant to Sub-section 3 to CBN.
It also said anybody
that failed to make appropriate declaration might forfeit the undeclared funds
or negotiable instruments or risk imprisonment of not less than two years or to
both.
``The CBN will
investigate the source of fund and seek justification for the possession of
such volume of cash to ensure that no money laundering activity was involved.
``Those affected will
also be expected to provide evidence of payment of taxes and duties related to
the cash transaction,’’ the statement quoted CBN as saying.
According to the
statement, the apex bank will collaborate with other relevant regulatory and
security agencies and will apply appropriate sanctions and penalties for
contravention of the provisions of this act
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