EFCC Investigates Cash Smuggling Case Involving $578,000

The EFCC is investigating Okorie Sunday, arrested at Lagos Airport for smuggling $578,000. He falsely declared $279,000 upon arrival from South Africa, with an additional $299,000 found concealed. The incident breaches the Money Laundering Prohibition Act, and the EFCC has emphasized the importance of declaring amounts over $10,000.

The Economic and Financial Crimes Commission (EFCC) has initiated an investigation into Okorie Sunday, who was apprehended at Lagos’ Murtala Muhammed International Airport carrying $578,000. This action was confirmed by EFCC spokesperson Dele Oyewale in a statement made in Abuja on Saturday. Following the investigation’s outcome, the suspect is expected to face legal charges.

Sunday arrived from Johannesburg, South Africa, declaring $279,000 upon his entry. However, Customs officials uncovered an additional $299,000 concealed in various packages, resulting in his arrest for failing to declare the full amount. In addition, he was found in possession of €100 and a counterfeit $250 note, which added to the gravity of his offense.

Effiong Harrison, the Area Comptroller of Customs, expressed condemnation of Sunday’s actions, highlighting the violation of the Money Laundering Prohibition Act of 2011 that necessitates declaration of amounts exceeding $10,000 upon departure or entry. Following the investigation, the $578,000 will be transferred to the EFCC.

Ahmed Ghali, the EFCC’s Acting Zonal Director in Lagos, praised the Customs’ collaboration and underscored the importance of inter-agency cooperation. He reiterated the necessity for the public to declare any amount over $10,000 when traveling to maintain compliance with the nation’s money-laundering regulations.

Ghali cautioned citizens against false declarations, emphasizing the legal repercussions of such actions. He asserted, “We will not permit any action that sabotages the economy or financial system, as such conduct increases the risk of money laundering and economic instability.” He reiterated that such activities harm Nigeria’s reputation, suggesting it could be perceived as a sanctuary for fraudulent behavior.

The investigation into Okorie Sunday by the EFCC highlights the critical enforcement of currency declaration laws in Nigeria. His case urges strict adherence to regulations designed to combat money laundering and uphold financial integrity. The collaboration between the EFCC and Customs serves as a reminder to the public about the serious consequences of failing to declare substantial amounts upon entering or exiting the country. Continued vigilance and inter-agency cooperation are essential in protecting the Nigerian economy from illicit financial activities.

Original Source: tribuneonlineng.com