ACTION AGAINST ILLEGAL FOREIGN CURRENCY TRADING ADVERTS

1. The Financial Intelligence Unit (FIU) has been monitoring social media platforms where foreign currency dealers have been advertising and promoting their illegal trade. The FIU is aware of WhatsApp groups that have mushroomed in the country for the spoofs purpose of promoting and facilitating illegal foreign currency trade.
2. The FIU, in collaboration with the police, banks, mobile money / mobile phone service providers and relevant regulatory agencies, has embarked on an exercise to identify and take action against individuals who create, advertise on or participate (actively or passively) in WhatsApp groups or other platforms for illegal foreign currency tmding.
3. The FIU and relevant institutions will take the following immediate actions: • The mobile phone numbers used to join or advertise on the illegal groups will be shared with mobile phone operators and POTRAZ for barring; • Other mobile phone numbers registered in the names of such persons will also be identified and barred; • Any mobile money wallets registered in the names of such persons will be frozen and the persons barred from accessing mobile money services with any operator; • Bank accounts owned by a person so identified will be frozen and the person will be blacklisted and barred from accessing banking servicos with any bank; and • Identified persons will be investigated and prosecuted for illegally trading in or advertising illegal trading in foreign currency.
4. Members of the public are requested to report to the FIU any person, mobile phone number or bank account that continue to be used to engage in or advertise illegal foreign currency activities, using the following contact details:

FIU mobile and WhatsApp number: 0714039897

Financial Intelligence Unit

15 June 2020