Bank of Guyana zeros in on illegal money changers

Aug 17, 2017 News

The Bank of Guyana has signaled intentions of clamping down on illegal money changers around the country.
With scores of operators on America Street, Georgetown; Stabroek Market and in Berbice, the money changers have for years been largely out of the radar of the Central Bank, regulator of the Cambio system.
In recent times though, there have been reported cases of police and even the Special Organised Crime Unit (SOCU) raiding and closing down operations in Georgetown.
In one case, a Chinese business raid saw two persons ending up before the court.
According to the Bank of Guyana, only banks (authorised dealers) and non-bank cambios licensed under the Dealers in Foreign Currency (Licensing) Act 1989 are authorized to conduct buying and selling of foreign exchange.
The Dealers in Foreign Currency Act (Licensing) Act 1989 states that foreign currency can only be bought and sold from a licensed authorised dealer.
“Section 17(1) of the Act states that “any person who sells to any person other than a licensee or authorised dealer, any foreign currency shall be liable on summary conviction to a fine and imprisonment for one year”,” the bank explained.
Another part of the Act, Section 17(2) states that “any person not being an authorised dealer who buys or sells any foreign currency shall be liable on summary conviction to a fine and imprisonment for three years”.
Bank of Guyana, in its statement said that it noted with concern that foreign exchange activities are being conducted outside of the official legal system.
It was emphasised that any person caught contravening the Dealers in Foreign Currency (Licensing) Act 1989 will be prosecuted.
Quite a number of persons have made Stabroek Market and America Street their office, building up a loyal customer base, where a significant amount of business is passing, without the transactions falling under the eyes of Central Bank.
It appears that bank, which has been cracking down more on licensed cambios, now has its eyes set on the street operators.
In Berbice especially, with cross border trade strong with neighbouring Suriname, there has been an emergence of a number of illegal operators.

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Bank of Guyana zeros in on illegal money changers

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