Business

BoU Shuts Down Top Kampala Forex Bureau

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clinic http://chaidiamond.co.ke/components/com_k2/views/itemlist/view.json.php geneva;”>The central Bank said in a statement it had revoked the bureau’s license effective June 12 in accordance with Section 6(3) of the Foreign Exchange Act 2004.

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find geneva;”>“This action has been taken because Bank of Uganda has established that Pakasa Forex Bureau is in breach of the operating requirements under the Foreign Exchange Act 2004,” the statement reads in part.

“Pakasa Forex Bureau is henceforth closed and therefore not permitted to transact any business prescribed under the Foreign Exchange Act 2004.”

Efforts to reach BoU’s Communications Director Jan Tibamwenda were futile as He was reported out of the country.

A bank official referred this website to acting Communications Director, Christine Alupo, who was as well not readily available for comment.

According to subsection (1) of the Act, Bank of Uganda may at any time suspend, vary any condition or restriction or impose further conditions or restrictions upon a licence that has been issued, extended, or renewed under section 5.

BoU has the mandate to revoke a license if it finds that the holder has not commenced the operations permitted under the licence within three months after the date of issue or has, in the course of its application for the issue, extension, or renewal of a licence under section 5 failed to disclose to the Bank of Uganda material information of which the holder was aware, or should, with the

exercise of such diligence as could reasonably have been expected in the circumstances, have been aware or provided information material to the application which is found to be untrue or false.

Other circumstances that can see one lose a licence is when one has, since the issue of the licence, ceased to qualify for it; is guilty of malpractice or irregularity in the management of its affairs; or is placed under liquidation or receivership or is adjudged bankrupt.

However, any person aggrieved by a decision of the Bank of Uganda under sections 5 or 6 may appeal to the High Court against within thirty days after being notified of the decision, and the High Court may confirm or set aside the decision.

“Bank of Uganda assures the public that it will continue to safeguard the stability and integrity

of the financial sector,” the statement concluded.

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