Ghana: BoG Clamps Down On Unlawful Foreign exchange Operators… 76 ‘Black Entrepreneurs’ Arrested

Ghana: BoG Clamps Down On Unlawful Foreign exchange Operators… 76 ‘Black Entrepreneurs’ Arrested

Seventy-six (76) suspected unlawful foreign money merchants often called “black market” merchants have been arrested on Tuesday in Accra and throughout the nation.

The train dubbed ‘Particular Parallel Foreign money Operation (Black Market Operators’) was carried out by the Financial institution of Ghana (BoG) along with the police.

The train in Accra passed off round Rawlings Park, Tudu, Cowlane, Circle, Kimbu Market and Lava.

In response to a press release issued by the BoG, the aim of the operation was to clamp down on people and entities which can be engaged within the enterprise of shopping for and promoting overseas change and not using a license from the Financial institution of Ghana in violation of Ghanaian overseas change legal guidelines and laws. .

The Head of the Examination Workplace of the Financial institution of Ghana International Trade Workplace, AdjoaKonaduTorto, indicated that the train will proceed in different elements of the nation within the coming days.

He held that members of the general public who patronized the actions of “black market” operators have been equally responsible underneath the legislation.

“The greater than 76 perpetrators have been detained by the police for prosecution. The particular operation will proceed all through the nation,” he mentioned.

Ms. Torto warned most of the people to desist from partaking in unlawful overseas change enterprise and not using a license.

“Most people ought to all the time commerce with Financial institution of Ghana licensed foreign exchange places of work. Accordingly, the Anti-Cash Laundering Act 2020 (Act 1044) and its amendments instruct all clients of the workplace to insist on their digital receipts offering the appropriate legitimate identification data, the Ghana Card, to cowl the shopping for and promoting of all foreign exchange,” he added.

The Head of Examinations on the International Workplace mentioned that part 3(1) of the International Trade Act 2006 (Act 723) prohibited individuals from partaking in overseas change operations and not using a license.

It said that “an individual shall not interact within the enterprise of buying and selling overseas change and not using a license” and Part 29(1a) “An individual who engages within the enterprise of buying and selling overseas change and not using a license commits an offense and is liable, in judgment abstract, to a tremendous of no more than seven hundred penalty models or to a jail sentence of no more than eighteen months, or each”.

MrsTorto additional mentioned that Part 1 (i and ii) of the revised Foreign exchange Bureau Rules, said that “No particular person shall stick with it any foreign exchange bureau enterprise except in possession of a legitimate foreign exchange bureau license An individual who contravenes or doesn’t comply can be responsible of a criminal offense and can be punished in line with the legislation”.