Dar es Salaam Special Zone Police Commander ACP Jumanne Muliro has urged owners of bureaus de change to adhere to laws and regulations in place when conducting their businesses.

Speaking during an awareness session of the Bureau de change owners, Bank of Tanzania and Police Force held at Central Police Station in Dar es Salaam, ACP Muliro said failure to heed the laws in place warranted legal action against them.

“The Police Force will continue working closely with the Bank of Tanzania and owners of Bureaus de change to make sure that laws and regulations in place are adhered to,” he said, warning those who disobey the laws and regulations of legal consequences.

“We have showed you a number of examples of traders who do not observe the laws in place while doing foreign exchange business. These are unlicensed and conduct the business in unauthorized premises including homes and bus stops,” he said warning of stern legal consequences.

He said in order to avoid theft and loss of individual’s money as well as negative effects to the country’s economy due to illegal foreign exchange business, the police force will continue to work with state and non-state organs to ensure all illegal activities are curbed.

Earlier, in his presentation on foreign exchange laws and regulations, Assistant Manager from the Specialized Financial Institutions Supervision Department at the Bank of Tanzania, Mr. Omar Msuya, said failure to observe the law can lead to a huge fine and imprisonment.

Presently, Mr. Msuya said, the Bank of Tanzania is continuing with country-wide inspection with a view to ensuring compliance to the laws and regulations in place.

He said the Foreign Exchange Regulations, 2019, requires each trader engaging in foreign exchange business to obtain a license and prohibits a non-license holder from engaging in Bureau de change business.

Speaking during the awareness meeting, owners of bureau de change urged Tanzanians to use the country’s Shilling in their transactions as a means to protect the value of the currency, rather than seeking foreign exchange for domestic transactions.