Nigeria Customs Service to launch e-cash declaration system for travellers

<p><&sol;p>&NewLine;<div>&NewLine;<p>The <a target&equals;"&lowbar;blank" href&equals;"http&colon;&sol;&sol;gistreel&period;com&sol;tag&sol;Nigeria-Customs-Service"><strong>Nigeria Customs Service<&sol;strong><&sol;a> &lpar;NCS&rpar; is set to introduce an electronic currency declaration system to enhance the process of travellers declaring cash carried into or out of Nigeria&period;<&sol;p>&NewLine;<p>NCS spokesperson Abdullahi Maiwada revealed this in an interview with the News Agency of Nigeria &lpar;NAN&rpar; on Thursday in Abuja&period;<&sol;p>&NewLine;<p>He explained that the initiative is part of efforts to strengthen Nigeria’s anti-<a target&equals;"&lowbar;blank" href&equals;"http&colon;&sol;&sol;gistreel&period;com&sol;tag&sol;money-laundering"><strong>money laundering<&sol;strong><&sol;a> framework and improve compliance with financial regulations&period;<&sol;p>&NewLine;<p><em>&OpenCurlyDoubleQuote;The Nigeria Customs Service &lpar;NCS&rpar; has announced the deployment of an Electronic-Currency &lpar;E-Currency&rpar; declaration form as part of its anti-money laundering measures for travellers carrying cash into and out of Nigeria&comma;”<&sol;em> the NAN report stated&period;<&sol;p>&NewLine;<p>The system allows travellers to declare any currency exceeding the legal threshold before arrival or departure by scanning a QR code&comma; accessing the form&comma; and submitting their details before their trip&period;<&sol;p>&NewLine;<p><em>&OpenCurlyDoubleQuote;Even before leaving your point of origin&comma; you can scan a QR code&comma; access the form&comma; fill it out&comma; and we will be able to see it from here&comma;”<&sol;em> Maiwada explained&period;<&sol;p>&NewLine;<h3>Regulatory framework and compliance<&sol;h3>&NewLine;<p>Under the Anti-Money Laundering &lpar;Prevention and Prohibition&rpar; Act 2022 and the NCS Act 2023&comma; travellers carrying over &dollar;10&comma;000 &lpar;about N15&period;4 million&rpar; or its equivalent in negotiable instruments must declare it to Customs authorities&period;<&sol;p>&NewLine;<p>To improve awareness&comma; the NCS is collaborating with airline operators to make announcements on <strong>flights<&sol;strong> and plans to reinstate signage in English and French at airports and border points&period;<&sol;p>&NewLine;<p>The electronic declaration system aims to ensure stricter compliance with international financial standards and bolster Nigeria’s efforts to combat money laundering activities&period;<&sol;p>&NewLine;<p>The rollout is expected soon&comma; with authorities emphasizing its role in enhancing monitoring and information sharing with relevant agencies&period;<&sol;p>&NewLine;<p><&excl;-- CONTENT END 1 --><&sol;p><&sol;div>&NewLine;<p><a href&equals;"https&colon;&sol;&sol;www&period;gistreel&period;com&sol;nigeria-customs-service-to-launch-e-cash-declaration-system-for-travellers&sol;" previewlistener&equals;"true">Source link <&sol;a><&sol;p>&NewLine;