{"id":64947,"date":"2025-04-27T18:19:30","date_gmt":"2025-04-27T18:19:30","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=64947"},"modified":"2025-04-27T18:19:30","modified_gmt":"2025-04-27T18:19:30","slug":"efcc-moves-to-stop-cash-smuggling","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2025\/04\/27\/efcc-moves-to-stop-cash-smuggling\/","title":{"rendered":"EFCC Moves to Stop Cash Smuggling"},"content":{"rendered":"<p><strong>By Adenike Lawal<\/strong><\/p>\n<p>The Economic and Financial Crimes Commission (EFCC) has warned Bureau De Change operators and business stakeholders to steer clear of illegal cross-border cash movements or face prosecution.<\/p>\n<p>EFCC Chairman Ola Olukoyede, speaking through CE Ibrahim Shazali, Kano Zonal Director, at a sensitization program in Kano on Saturday, stressed that anyone carrying more than ten thousand dollars across Nigerian borders without proper declaration is committing a crime punishable by law.<\/p>\n<p>He cited the Money Laundering (Prevention and Prohibition) Act, which mandates BDC operators to report suspicious financial dealings to the Nigeria Financial Intelligence Unit, warning that non-compliance threatens the nation\u2019s economic stability.<\/p>\n<p>The sensitization, held in collaboration with the Nigeria Customs Service and the Independent Corrupt Practices Commission, aimed to sharpen vigilance against money laundering, terrorism financing, and corruption.<\/p>\n<p>Olukoyede lamented that despite strict regulations, many travelers and business operators still engage in illegal cash transfers, either ignorantly or deliberately.<\/p>\n<p>He warned that culprits risk heavy fines, jail terms, and asset forfeiture.<\/p>\n<p>&#8220;Compliance is not just a legal requirement; it is a patriotic duty,&#8221; he said, urging BDCs and travelers to prioritize national interest.<\/p>\n<p>The EFCC, backed by the Central Bank of Nigeria, Customs, and ICPC, vowed to intensify crackdowns to fortify Nigeria\u2019s financial system against illicit flows.<\/p>\n<p>Meanwhile, the CBN\u2019s new forex guidelines allow BDCs to purchase up to twenty-five thousand dollars weekly from a single authorized dealer bank, a move aimed at curbing market volatility and promoting transparency.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Adenike Lawal The Economic and Financial Crimes Commission (EFCC) has warned Bureau De Change operators and business stakeholders to steer clear of illegal cross-border cash movements or face prosecution. EFCC Chairman Ola Olukoyede, speaking through CE Ibrahim Shazali, Kano Zonal Director, at a sensitization program in Kano on Saturday, stressed that anyone carrying more [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":64948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[181,172],"tags":[59],"class_list":["post-64947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crime","category-news","tag-featured"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/64947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=64947"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/64947\/revisions"}],"predecessor-version":[{"id":64949,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/64947\/revisions\/64949"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/64948"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=64947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=64947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=64947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}