Saturday, September 29, 2012

Caught In Th Act: EFFC Nabs 24 Year Old Trying To Export $7Million Cash

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The Economic and Financial Crimes Commission on Thursday, 27th September, 2012 arrested a bulk currency smuggler, one Abubakar Tijani Sheriff for attempting to smuggle $7million out of the country. 
The 24-year-old was arrested at the Murtala Mohammed International Airport in Lagos en route Dubai, United Arab Emirates. He was apprehended at the point of boarding the plane by operatives of the Commission.
When he was arrested, he declared that he had a total sum of $4.5million on him but thorough screening and search showed that he was actually carrying $7,049,444 (Seven million, Forty Nine Thousand, Four Hundred and Forty Four United States Dollars).
He confessed that he was a courier for twenty individuals who hired him to courier the money for them to Dubai.
Investigations by the EFCC showed that Sheriff is a regular traveller and one of several couriers of illegal cash suspected to be proceeds of crime. His claims in respect of his accomplices are still being investigated by the Commission.
Travellers leaving the country are statutorily required to declare cash in excess of $10,000. However, it is not sufficient to declare excess cash, under the provisions of the Money Laundering Act, the onus is on the person making the declaration to explain the source of the excess cash and the reason for the export.
Experience have shown that bulk cash smuggling, the world over, are usually associated with proceeds of crime as legitimately earned funds are usually processed through the banking system.
The Commission warns travelers who for any reason want to move bulk cash out of the country to do so through the banking system. Otherwise, they must be prepared to declare it and explain the source of the money.
Meanwhile, the suspect is being detained at the Commission’s holding facility in Lagos pending his arraignment in court.
I just hope the case is not swept under the carpet after a while, and the matter thoroughly investigated.

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