By Alois Vinga
TWO more bureaux de change businesses had their licences suspended by the Reserve Bank of Zimbabwe (RBZ) Thursday on allegations of not declaring foreign currency transactions, bringing to seven, financial institutions that are now under probe for illicit foreign currency transactions.
Their bank accounts were frozen.
In a statement, RBZ Governor John Mangudya confirmed the operating bureau-de-change licences of Shons Finance Services and Superdeal Enterprises, trading as Kwik Forex, had been suspended for not declaring or under-declaring their foreign currency transactions in breach of the law.
The RBZ’s Financial Intelligence Unit is also investigating private limited companies; Stallion Financial Services, Forbes Financial Services, and Juso Global as they are not licensed to deal in foreign currency, but are alleged to be doing so.
Cash Twenty Four and Crediconnect, are licensed bureaux de change whose licences were suspended and bank accounts frozen on similar allegations a fortnight ago.