Central Bank issues warning
The Central Bank of Samoa (C.B.S.) has cautioned businesses against dealing with foreign currency illegally.
The Bank delivered the warning in a media statement it issued yesterday.
“The Central Bank of Samoa (“C.B.S.”) has noted that there are various retail shops and businesses operating foreign currency exchanges without licenses,” the statement reads.
“Some of these businesses have openly displayed their foreign exchange rates at their business premises on a daily basis.
“We wish to remind these businesses that these unfortunate practices are in breach of our Exchange Control Regulations 1999.”
The bank called on such business to stop immediately.
“It is to this effect that we wish to provide a kind reminder for all businesses operating foreign exchange dealings without a license to refrain from these illegal practices or face the legal and appropriate consequences.”
The C.B.S. will be also conducting onsite inspections starting on 5 October 2016 to assess if any businesses are still operating illegally on foreign exchange or currency dealings.
“This offence is stipulated in the Financial Institutions Act 1996 and the Exchange Control Regulations 1999 in which each will attract an imprisonment term, a fine, or both an imprisonment term and a fine.”