Bank of Uganda closes Amin Forex Bureau

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Bank of Uganda ( BoU) has declined to renew the license of Amin Forex Bureau located on Plot No.5 Wilson Road Shop. No 5/B Arua Park Mall, Kampala.
‘ ‘ Amin Forex Bureau Limited, is therefore not permitted to transact any businessa prescribed under the foreign exchange act 2014’’ reads statement dated 6th December 2017 and signed by Louis Kasekende, deputy Governor, Bank of Uganda.

The bank did not state reasons for its closure.
Bank of Uganda has also warned the general public that whoever deals with the Amin Forex Bureau , its proprietors, directors and managers in relation to foreign exchange or money remittance business, does so at ‘‘ his or her own risk’’

Recently, BoU revoked Pearl forex Bureau’s licenses over reasons related to Money Laundering, Felony and Funding Illicit Acts. CIID’s publist, Vicent Sekate told local daily that they’re still investigating the case for funding unlawful activities, money laundering and felony. Adding that Police was investigating the Directors, Robert k Sengooba and Ms. Kareen White.

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In April this, BoU also halted operations of four forex bureaus owned by businessman Sudhir Ruparelia. The forex bureaus, including Crane Forex Bureau Limited, one of the oldest in Kampala, were ruled out of business after their application for new licenses was denied on grounds of lack of ‘fitness and probity’.

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