Customs to deploy E-currency declaration form to curb money laundering
By Seun Ibiyemi
The Nigeria Customs Service (NCS) has announced plans to introduce an Electronic-Currency (E-Currency) declaration form as part of its strategy to combat money laundering. This initiative targets travellers carrying significant sums of cash into or out of Nigeria.
Speaking to journalists on Thursday in Abuja, NCS spokesperson Abdullahi Maiwada revealed that the digital form would enable travellers to declare funds exceeding the legally permitted limit before their arrival or departure.
According to the Anti-Money Laundering (Prevention and Prohibition) Act 2022 and the NCS Act 2023, individuals transporting more than $10,000 (approximately ¦ 15.4 million) or its equivalent in other negotiable financial instruments must declare the amount to the NCS.
Maiwada explained that the electronic system would enhance surveillance, allowing the NCS to share real-time data with relevant financial and security agencies.
“We have designed a system where travellers can scan a QR code, access the declaration form, complete it, and submit it even before leaving their country of origin. This will enable customs officials to track and verify declarations more efficiently. The implementation of this system is imminent,” he stated.
He further mentioned that the NCS is working closely with airline operators to ensure that passengers are informed about the currency declaration requirements, particularly for amounts exceeding the specified threshold.
To reinforce compliance, the NCS is ramping up public awareness efforts on money laundering regulations and reinstating signage at airports in both English and French.
Recent currency seizures at airports and border posts, he noted, are a direct outcome of heightened vigilance by customs officers.
“We have intensified searches at all airports and key entry and exit points known for high-risk financial movements.
“It is not illegal to transport any amount of money, but individuals carrying sums exceeding $10,000 or its equivalent must declare it. Failure to do so constitutes an offence.
“For instance, at Kano Airport, a passenger arriving from Saudi Arabia was caught with undeclared cash. Similarly, at Nnamdi Azikiwe International Airport in Abuja, customs officers intercepted $193,000 concealed inside a yoghurt carton. Additionally, at the Idiroko border, a large amount of undeclared CFA currency was discovered,” Maiwada reported.
He also highlighted the role of enhanced cargo scanning technology in detecting illicit cash movements.
“Discrepancies in scanned images serve as warning signals, prompting customs officers to conduct further physical inspections,” he explained.
In a recent operation, the NCS intercepted an undeclared sum of $1.1 million and 135,900 Saudi Riyals at Mallam Aminu Kano International Airport.
With the implementation of these measures, the NCS aims to bolster Nigeria’s financial integrity and contribute to ongoing efforts to remove the country from international financial watchlists.
