A Nigerian national who lives in Hungary and who said he is a trader, was yesterday charged with breaching money-laundering regulations and failing to declare that he was leaving Malta with nearly Lm58,000 in US dollars and euro.

Morgan Ehi Egbomon, 44, was charged with trying to leave Malta with $144,000 and EUR27,000 in cash on Wednesday to Thursday night. He was intercepted by police at the Malta International Airport.

Prosecuting officer Ian Abdilla told Magistrate Audrey Demicoli that the accused was stopped by police because he failed to declare the sum of money that was in his possession and failed to give the investigators a reasonable explanation on why he was in possession of such a large amount of cash.

Mr Egbomon pleaded not guilty to the charges brought against him.

Opposing a request for bail, Inspector Abdilla said that the punishment for the crimes with which he was accused carries a maximum of 14 years' imprisonment.

Magistrate Demicoli turned down a request for bail and the accused was remanded in custody.

Dr Kris Busietta and Dr Anthony Cutajar represented the accused.