SEVEN FROZEN BUREAU DE CHANGE ACCOUNTS newsdzeZimbabweNewsdzeZimbabwe



[ad_1]

Two more exchange offices have had their licenses
suspended by the Reserve Bank of Zimbabwe (RBZ) on suspicion of not declaring
foreign currency transactions and they and three other companies now under
investigation for illegal transactions in foreign currency have had your bank
Frozen accounts.
The five join two other exchange offices whose licenses
They were suspended and bank accounts frozen fifteen days ago. One of those offices
de change has already paid an administrative fine of Z $ 2.5 million.

RBZ began its investigations when it became clear that
there was an increase in black market currency trading that was increasing
the black market exchange rate at unprecedented levels with great effect
effect on the prices of most goods and services.

RBZ believes that a small group of exchange offices and others
finance companies are at the center of the black market buying wave
foreign currency, possibly to serve another group of buyers, and the
manipulation resulting from black market rates.
Much of Zimbabwe’s recent big jump in prices emerged as
as a result of the rapid rise in exchange rates as a result of this illicit trafficking
shopping spree, leading millions to be hit by the actions of a small
group.
In a statement yesterday, RBZ Governor Dr. John Mangudya
said the currency exchange operating licenses of two private corporations,
Shons Finance Services and Superdeal Enterprises, which is marketed as Kwik Forex,
had been suspended on charges that they had not been testifying or had
been underreporting, its foreign currency transactions in violation of the law.

In addition, the bank’s Financial Intelligence Unit is
investigating three other private corporations: Stallion Financial
Services, Forbes Financial Services and Juso Global. None of these three are
licensed to trade in foreign currency, but allegedly doing so. the
The accounts of all five have been frozen.

Join Cash Twenty Four and Crediconnect, two licensed
bureaux de change whose licenses are suspended and bank accounts frozen in
similar allegations fifteen days ago.
Since then, these first two have been charged by the RBZ
Financial Intelligence Unit for non-compliance with the requirements against money laundering and
not record and report currency transactions as required by law,
said the RBZ statement.
Cash Twenty Four has now admitted not registering and
declares transactions in foreign currency and has paid the administrative tax
fine of Z $ 2.5 million. The case against Crediconnect is still pending
determination, the statement said. The intelligence unit is now investigating
The five new cases. Dr. Mangudya said that RBZ will continue to monitor finances
service companies and would effectively deal with the indiscipline of the Herald market




[ad_2]