Reserve Bank of Zimbabwe (RBZ) yesterday fined Cash-Twenty Four (Pvt) Limited for failing to declare transactions as required by the law.
The central bank was investigating Cash-Twenty Four for suspected involvement in illicit foreign currency transactions.
“Cash-Twenty Four has since admitted the charge of failing to record and declare foreign currency transactions and has since paid the imposed administrative fine of ZW$2,500 000 (two million five hundred thousand dollars),” RBZ, governor, John Mangudya said.
The Bureaux De Change had its operating licence suspended also during the investigations.
Besides Cash-Twenty Four, RBZ is also investigating three more licensed money changers for not following the law.
“Further, the Bank has identified two more bureaux de change, namely, Shons Finance Services (Pvt) Limited (Shons Finance Services) and Superdeal Enterprises (Pvt) Limited trading as Kwik Forex (Kwik Forex), which have not been declaring or have been under-declaring their foreign exchange transactions, in breach of the law,” Mangudya said.
“The Bank has, with immediate effect, suspended the operating licences of Shons Finance Services and Kwik Forex, pending further investigations and regulatory action.”
The case of Crediconnect (Pvt) Limited, which was suspended at the same time with Cash-Twenty, is still pending determination according to the central bank.
RBZ also identified three unlicensed foreign currency dealers including Stallion Financial Services (Pvt) Limited (Stallion), Forbes Financial Services (Pvt) Limited (Forbes)and Juso Global (Pvt) Limited (Juso Global).
“The Bank has referred the unlicenced entities (Stallion, Forbes and Juso Global) to the FIU (Financial Intelligency Unit) for further investigation and appropriate action in terms of the law,” Mangudya said.”Meanwhile, the Financial Intelligence Unit has frozen all the accounts of all the above mentioned entities.”
