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RBZ slams Bureaux de Change operators

The Reserve Bank of
Zimbabwe has suspended the licenses of two more Bureaux de Change for fueling
the parallel forex market exchange rates.

On Thursday, the
Reserve Bank of Zimbabwe issued an update on suspension of operating licenses
of Cash Twenty Four (Pvt) Limited and Crediconnect (Pvt) Limited for allegedly
participating in illicit foreign currency transactions. The Central Bank said both
the entities carried out several off-book foreign currency purchases and sales,
which they failed to declare in periodic regulatory returns.

In a statement, the Governor
of RBZ, John Magudya, said after license suspension a disciplinary action had
commenced against operators. “Both Cash Twenty Four and Crediconnect were
referred to the Financial Intelligence Unit (FIU), which upon carrying out
further investigations, has charged both for not adhering to money laundering
requirements, inter alia, failure to record and report transactions as required
by the law”, he further mentioned.

Cash-Twenty Four has been imposed an administrative fine of $2.5 million (ZW$2 500 000), while the case Crediconnect is still pending.

Source - ZimEye

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