Sun, Mar 2nd, 2014

http://www.tribune.com.ng/news2013/index.php/en/news/lead-stories/item/34555-cbn-axes-101-bureaux-de-change-operators-for-money-laundering.html

Central Bank of Nigeria (CBN) has revoked the licences of 101 Bureaux De Change (BDC) companies for their alleged involvement in money laundering and other financial infractions.

The CBN, in a circular, obtained by the News Agency of Nigeria (NAN) on Friday in Lagos, said that the revoked BDCs had inadequate documentations on huge foreign exchange purchased from banks.

The CBN said that the BDCs were unable to provide satisfactory evidence of the purchase and utilisation of autonomous foreign exchange.

CBN spokesperson, Mr Isaac Okoroafor, in a text message, confirmed to NAN, the revocation of the operating licences of the BDCs.

“The BDCs were involved in money laundering and failure to provide adequate records and documentation of huge autonomous foreign exchange purchased from banks,” Okoroafor said.

Seventeen other BDCs were fined N34 million or N2 million each for infractions of the BDC guidelines.

CBN said that those fined had satisfactory evidence of the purchase/ utilisation of autonomous foreign exchange, but had other infractions of the guidelines.

NAN reported that the CBN, had in September 2013, revoked the licenses of 20 BDCs over foreign exchange malpractices.