Any Law On Keeping Money At Home? - Properties - Nairaland
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| Any Law On Keeping Money At Home? by enet1(m): 9:46pm On Jan 12, 2018 |
Goodpm all,I want to ask if there is any law that mandates Nigerians not to keep money at home.I am talking about money in the region of more than 1,000,000 naira... |
| Re: Any Law On Keeping Money At Home? by MrMcJay(m): 5:25am On Feb 07, 2018 |
enet1: Legally, there is no law that prohibits you from keeping even a billion Naira in cash at home. However, the problem is that our security agents would suspect that such funds are the proceeds of criminal activity or money laundering. Hence, if you have 1M and you're arrested, don't say it's proceeds of your business transaction. If you do, you're in trouble. Don't say anything until your lawyer is present. Section 1 subsection 1(a-b) of the Money Laundering (Prohibition) Act states that: (1) No person or body corporate shall make or accept cash payment of a sum exceeding- (a) N500,000 or its equivalent, in the case of an individual, or (b) N2,000,000.00 (Two million Naira) or its equivalent, in the case of a body corporate... |
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