NCAA Mandates $10,000 Declaration for Airline Passengers to Combat Money Laundering

In a bold move to tighten financial controls, Nigeria’s aviation authority orders airlines to enforce strict currency declarations, aiming to curb money laundering and meet global standards.

bloomshorts 2 minutes ago 0

NCAA’s New Directive to Airlines

The Nigeria Civil Aviation Authority (NCAA) has issued a directive requiring all international airlines operating within Nigeria to enforce a $10,000 currency declaration requirement for passengers. This measure is part of Nigeria’s enhanced efforts to combat money laundering and align with international financial regulations.

Compliance and Enforcement

Airlines are now mandated to inform passengers about the declaration requirement either during the flight or before landing. Additionally, they must distribute currency declaration forms onboard for passengers to complete prior to arrival. The NCAA has warned that non-compliance will result in sanctions, emphasizing the importance of airline cooperation in this initiative.

Global Financial Standards

This step underscores Nigeria’s commitment to adhering to global financial standards and combating illicit financial flows. The NCAA’s directive is a critical component of the country’s broader strategy to enhance financial transparency and security.

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