21 Nov 2018
Tanzania’s central bank conducted a surprise inspection of foreign exchange bureaus in a crackdown on black market currency trading and money laundering, it said on Tuesday.
Soldiers and other security forces took part in Monday’s operation in the northern town of Arusha, a tourism and gemstone trading hub, so different bureaus could be inspected at once, a statement said.
“There has been an increase in illegal foreign exchange bureaus and money laundering activities that have been conducted through foreign exchange bureaus,” central bank Governor Forens Luoga said, adding that it was a “vast and powerful network”.
Tanzania has 110 licensed foreign currency bureaus, the bank said.
– By Duncan Miriri, Reuters, 20 November 2018.
Link to Reuters.
Count reading this article to your CPD minutes, by signing up to our CPD WalletFREE CPD Wallet