Close this search box.

Transactions of $10,000 or Above Are Reported to EFCC & CBN

Transactions of  $10,000 or Above Are Reported to EFCC & CBN.

by Onyekachi Umah,Esq.
(Tip 212)
Transactions 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.


This work is published under the free legal awareness project of Sabi Law Foundation ( funded by the law firm of Bezaleel Chambers International ( The writer was not paid or charged any publishing fee. You too can support the legal awareness projects and programs of Sabi Law Foundation by donating to us. Donate here and get our unique appreciation certificate or memento.


This publication is not a piece of legal advice. The opinion expressed in this publication is that of the author(s) and not necessarily the opinion of our organisation, staff and partners.


🛒 Take short courses, get samples/precedents and learn your rights at   

🎯 Publish your legal articles for FREE by sending to:

🎁 Receive our free Daily Law Tips & other publications via our website and social media accounts or join our free whatsapp group: Daily Law Tips Group 5


Get updates on all the free legal awareness projects of Sabi Law (#SabiLaw) and its partners, via:

YouTube: SabiLaw

Twitter: @Sabi_Law 

Facebook page: SabiLaw

Instagram: @SabiLaw.org_

WhatsApp Group: Free Daily Law Tips Group 5

Telegram Group: Free Daily Law Tips Group

Facebook group: SabiLaw




This publication is the initiative of the Sabi Law Foundation ( funded by the law firm of Bezaleel Chambers International ( Sabi Law Foundation is a Not-For-Profit and Non-Governmental Legal Awareness Organization based in Nigeria. It is the first of its kind and has been promoting free legal awareness since 2010.


As a registered not-for-profit and non-governmental organisation, Sabi Law Foundation relies on donations and sponsorships to promote free legal awareness across Nigeria and the world. With a vast followership across the globe, your donations will assist us to increase legal awareness, improve access to justice, reduce common legal disputes and crimes in Nigeria. Make your donations to us here  or contact us for sponsorship and partnership, via: or +234 903 913 1200.


Leave a Reply

Related Posts

Contact Support


Welcome! Log into your account