Govt Gazettes New Regulations Against Illegal Forex Dealers

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The government yesterday gazetted new regulations to deal with illegal foreign currency dealers. ‘Cash barons’, that is, those accused of fuelling parallel market currency rates and cannot explain the source of their wealth will now face two years in jail, a Newsday report claims. The gazetted regulations read in part

If any authorised officer or police officer, acting to enforce section 4, finds any person frequenting, loitering in or lingering about any public place in circumstances that give rise to a reasonable suspicion that he or she is dealing in currency in contravention of section 4(1)(a), such a person may be required by the officer to give an explanation of his or her presence in or about the public place, and of his or her conduct thereat, and to produce to the law enforcement agent any identity document, and to show to the agent any currency or property in his or her immediate possession or under his or immediate control and to account to the agent of his or her possession or control of the same.

More: Newsday

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5 comments

  1. Anonymous Reply

    Can the Government show us the banks where we should get Rand to import from South Africa our biggest import country.

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