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.

#DailyLawTips
#SabiLaw
#LearnNigerianLaws

NOTE: Sharing or modifying or publishing this publication without giving credit to Onyekachi Umah, Esq. and “LearnNigerianLaws.com” is a criminal breach of copyright and will be prosecuted. Please share this publication till it gets to those that need it most. Save a Nigerian today!

To receive our Daily Law Tips for free follow our Facebook page, Twitter, Instagram and YouTube via “@LearnNigerianLaws”.
This is the writer’s view not a legal advice and does not create any form of relationship. You may reach the writer for more information.

Powered by www.LearnNigerianLaws.com

DAILY LAW TIPS
by Onyekachi Umah,Esq.
(Tip 202)
“It Is A Crime To Make A Cash Transaction Of A Sum More Than Five Million Naira In Nigeria”.

No individual person in Nigeria is allowed to pay or accept cash payment of any sum more than Five Million Naira (N5, 000,000.00) or its equivalent. In the case of a corporate being (Companies, Incorporated Trustee and Registered Businesses) they cannot accept or make payment of any sum more than Ten Million Naira (N10,000,000.00) or it it’s equivalent. Note that, Individuals and corporate bodies can make or accept such sums and above, where such transaction is carried out through a financial institution.

My authority is section 1 of the Money Laundering (Prohibition) Act, 2011 (As Amended).

#DailyLawTips
#SabiLaw
#LearnNigerianLaws

 

NOTE: Sharing or modifying or publishing this publication without giving credit to Onyekachi Umah, Esq. and LearnNigerianLaws.com is a criminal breach of copyright and will be prosecuted. Please share this publication till it gets to those that need it most. Save a Nigerian today!

To receive our Daily Law Tips for free follow our Facebook page, Twitter, Instagram and YouTube via “@LearnNigerianLaws”.
This is the writer’s view not a legal advice and does not create any form of relationship. You may reach the writer for more information.

Powered by www.LearnNigerianLaws.com

Office Address

1 Durban Street,

off Ademola Adetokunbo Wuse 2, Abuja.

P: +234 803766 5878

E: This email address is being protected from spambots. You need JavaScript enabled to view it.

E: This email address is being protected from spambots. You need JavaScript enabled to view it.

On Map