Jul.01, 2010

As part of efforts to strengthen the war against financial crimes in the country, the Senate yesterday began amendment of the law on money laundering with a new provision that transportation of cash or negotiable instruments in excess of $10 million by individuals in or out of the country shall be declared to the Nigerian Customs Service.

In the part of the bill passed by the chamber, the Senate also said no person or body corporate shall, except in a transaction through a financial institution, make or accept cash payments of a sum “(a) N5m or its equivalent in the case of an individual or N10m or its equivalent in the case of a body corporate’’.

The bill in part 1 (2) further provides that “a transfer to or from a foreign country of funds or securities by any person or body corporate of a sum exceeding $10,000 or its equivalent, or in the case of Money Service Business, a sum exceeding $10,000 or its equivalent, shall be reported to the Central Bank of Nigeria, Securities and Exchange Commission or the commission in writing within seven days from the date of the transaction’’.