RBZ’s new law on posting exchange rate prices: Just how far will it go?
And the madness continues…
The Reserve Bank’s Financial Intelligence Unit(FIU) shook everyone up yesterday when the public saw it’s latest move to target and take down “money changers” or illegal foreign currency dealers as it calls them in the official document shown below:
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 specific 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 trading.
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 services 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
Now as you can see, the new motion essentially bans the posting of forex exchange rates online by anyone on WhatsApp or any social media platforms, with anyone being caught doing that having their phone number, and all other phone numbers in their name, barred, as well as all their bank accounts frozen and mobile money accounts as well. The move has scared people so much that it’s had lot’s of people taking down any of their online content or even websites and bots that showed the “street rate” of forex. And rightfully so, as obviously most of us have no idea just how far the FIU and RBZ will go in enforcing this implementation, and as such being too cautious is most people’s only recourse.
