“Transactions Of Equivalent Of $10,000 or Above Are Reported To EFCC & CBN”

DAILY LAW TIPS by Onyekachi Umah,Esq.(Tip 212)

“Transactions Of Equivalent Of $10,000 or Above Are
Reported To EFCC & CBN”

Every foreign transfer of equivalent of Ten Thousand US Dollars
($10,000.00) or more or securities MUST be reported to Economic and
Financial Crimes Commission (EFCC), Central Bank of Nigeria (CBN),
Security and Exchange Commission (SEC) within 7 days of such
transaction. Such report must reveal the details of transfer,
amount, names and addresses of the parties involved.

My authorities are sections 2(1),(2), 25 and 26 of Money
Laundering (Prohibition) Act.

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