Rubavu: Police warns against illegal currency trade
Police in Rubavu District have advised people against unlawful trade in currency, warning of “continuous operations” against such illegal financial businesses.
The warning follows Monday Police operations in which two people were arrested in Gisenyi town at the border with the Democratic Republic of Congo (DRC), exchanging money illegally.
Those arrested are Febronie Betaniya, 34, and Monique Muhawenimana, 35. Betaniya was caught with Rwf148,000 and 166,500 Congolese francs while Muhawenimana had Rwf134,150 and 158,600 Congolese francs.
“These targeted operations are in line with the implementation of the law but also to protect related legal currency trade. We advise those still involved in this illegal currency business to go through the legal channels as the law requires. As for now, they do it illegally, they don’t pay taxes, rent or other required levies, which is also possible that they can defraud people,” Chief Inspector of Police (CIP) Emmanuel Kayigi, the Police spokesperson for the Western region, said.
The 2013 regulations governing foreign exchange bureaus stipulates in article 3 that no person shall carry out a foreign exchange bureau in Rwanda unless he or she is licenced by the Central Bank in accordance with this regulation.
Article 223 of the Law determining offences and penalties in general, states that “any person, who by any means, illegally sells or exchanges, national or foreign currency, commits an offence.”
Upon conviction, the offender faces an imprisonment term of not less than six months and not more than two years or a fine of between Rwf200, 000 and Rwf3 million, or only one of these penalties.