Tanzanian Shuts Forex Bureaus

Forex Bureaus shut down

The Bank of Tanzania recently closed down Forex bureaus amid allegations of money laundering and other illegal activities.   

Professor  Florens  Luoga,  the  governor  of  the  Bank  of  Tanzania  said  their  closure  is  also  part  of  a  nationwide  clampdown  on  those  operating  Forex  outlets  without  a  licence. 

He added that the Bank of Tanzania will no longer issue licences for Forex bureaus until investigations are complete and new laws are implemented against using Forex bureaus for illegal activities.