On October 31, the federal government launched an amnesty initiative that allows individuals to deposit foreign currencies into banks without penalties or taxes — provided the funds are not proceeds of crime.
November 5, 2024 6:35 pman amnesty initiative to allow individuals to deposit foreign currencies into banks without penalties or taxes — provided the funds are not proceeds of crime.In a statement, the ministry said the scheme would span nine months and is designed to enhance transparency in the financial sector and boost Nigeria’s economic resilience, growth, and development.
To participate in the scheme, the federal government said all Nigerians holding legitimately earned internationally tradableThe finance ministry also said participation is voluntary and candidates must own domiciliary accounts.“Participants are required to maintain a domiciliary account with participating financial institutions, with deposited or repatriated funds held in a sub-account specifically designated for depositing foreign currency disclosed under the Scheme.
The participating financial institutions are also expected to comply with Nigeria’s anti-money laundering measures.existing anti-money laundering / countering the financing of terrorism / counter-proliferation Financing requirements,” the ministry said.effective application of AML/CFT/CPF preventative measures is key to ensuring that the scheme is not used for money laundering or terrorism financing.
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