Two more bureaux de change have had their licences
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 illicit foreign currency transactions have had their bank
accounts frozen.
The five join two other bureaux de change whose licences
were suspended and bank accounts frozen a fortnight ago. One of those bureaux
de change has already paid an administrative fine of Z$2,5 million.
RBZ launched its investigations when it became obvious that
there was a surge in black market foreign currency trading that was driving up
the black market exchange rate to unprecedented levels with a major knock-on
effect on prices of most goods and services.
RBZ believes a small group of bureaux de change and other
financial companies are at the centre of the buying spree for black market
foreign currency, possibly to service another group of buyers, and the
resultant manipulation of black market rates.
Much of the recent large jump in Zimbabwean prices arose as
a result of foreign exchange rates rising fast as a result of this illicit
buying spree, leading to millions being hit hard by the actions of a small
group.
In a statement yesterday, RBZ Governor Dr John Mangudya
said the operating bureau-de-change licences of two private limited companies,
Shons Finance Services and Superdeal Enterprises, which trades as Kwik Forex,
had been suspended on allegations that they have not been declaring, or have
been under-declaring, their foreign currency transactions in breach of the law.
In addition the bank’s Financial Intelligence Unit is
investigating three other private limited companies: Stallion Financial
Services, Forbes Financial Services and Juso Global. None of these three are
licensed to deal in foreign currency but are alleged to be doing so. The
accounts of all five have been frozen.
They join Cash Twenty Four and Crediconnect, two licensed
bureaux de change whose licences are suspended and bank accounts frozen on
similar allegations a fortnight ago.
Since then these first two have been charged by the RBZ’s
Financial Intelligence Unit of breaching anti-money laundering requirements and
failing to record and report foreign exchange transactions as required by law,
the RBZ statement said.
Cash Twenty Four has now admitted to failing to record and
declare foreign currency transactions and has paid the imposed administrative
fine of Z$2,5 million. The case against Crediconnect is still pending
determination, said the statement. The intelligence unit is now investigating
all five new cases. Dr Mangudya said RBZ would continue monitoring financial
services companies and would deal effectively with market indiscipline. Herald
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