The Bank of
Tanzania (BoT) has placed a moratorium on licensing of forex bureaus as
the regulator moves to crack down on illegal operations and
money-laundering.
“All applications
have been suspended and new applications won’t be accepted pending
introduction of new rules and regulations,” BoT governor Florens Luoga
said Tuesday.
He added that those
found to have flouted the law will have their licences revoked, while
giving notice to traders who have obtained their permits illegally.
“They will all receive a notice of revocation of licences and their shops will be closed,” he said.
The governor said a
six-month investigation had revealed the mushrooming of illegal forex
traders that were involved in money laundering.
Prof Luoga said
BoT’s two previous attempts to clampdown on them had been futile due to a
“wide syndicate that prevented enforcement of the regulations.”
This, he said,
necessitated the simultaneous swoop on forex bureaus in Arusha on
Monday, rattling customers and the business community.
“After
consultations with several investigation organs, it was agreed that an
impromptu inspection of both registered and black market bureaux de
changes should be carried out at the same time,” he said.
At about 12 noon on
Monday, Tanzanian military cordoned off forex bureaus in the northern
tourist hub while BoT officials raided the outlets.
No one was allowed access as the forex shops remained closed and kept guard by unarmed army officers.
Prof Luoga
explained that the military was deployed as majority of police officers
are guarding centres during the ongoing Form Two national examinations.
Traders who will be found to have flouted the law will be arrested and cases opened against them in the courts.
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