Mozambique: Authorities shut down 13 currency exchanges, seize large sums of money

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Mozambique: Authorities shut down 13 currency exchanges, seize large sums of money

2:11 CAT | 21 Jul 2022

Image: O País

The Tax Authority, SERNIC, PRM and INAE yesterday shut down at least 13 currency exchanges operating illegally in the country, in an operation coordinated with the Bank of Mozambique.

Exchange offices must be licensed to carry out activities. To verify their legality, authorities, in coordination with the central bank, on Wednesday carried inspections, and found multiple irregularities.

“There are subjects who are licensed to exercise, but sometimes they don’t even exercise such activities. They camouflage themselves and violate the foreign exchange law. At least 13 operators are illegal. Obviously, these numbers are not final and could vary considerably according to the reports we receive,” Deputy Director General of Customs Fernando Halage said.

A team made up of members of the Customs, SERNIC, INAE and PRM, seized large sums of money from establishments allegedly engaged in illegal currency exchange.

“When we seize money, we obviously have to deposit it at the central bank and, at the same time, criminal proceedings will be initiated, because these situations need to be assessed. Therefore, each institution will be responsible for settling issues according to the matter that might be investigated,” Halage explained.

Navid Ramtula, owner of one of the establishments declared illegal by the authorities, denies the accusations and complains that he is the subject of an injustice.

“They say that we are carrying out an illegal activity, but we are not aware of this, because we are foreigners and we are dedicated to the sale of household appliances. We only have different currencies in our establishments because we sell products to foreigners and embassies. We cannot see the products here right now, because we are doing renovations,” Ramtula argued.

READ: Maputo: More than 400 million meticais found hidden in cell phone store – Notícias

The authorities claimed to have found other irregularities, including tax evasion, during the inspection of establishments.

By Edmilson Lambo

Source: O País