.gif)
A Pakistani-owned foreign exchange dealer in Fiji has shut its doors after its licence was revoked by the Reserve Bank of Fiji.
Galaxy International Limited was cited by RBF as having committed “serious breaches under the Exchange Control Act and Financial Transactions Reporting Act” as well as non-compliance with the conditions of their licence.
Reserve Bank governor Sada Reddy was warning all foreign exchange dealers to fully comply with their conditions of licence or have their licence revoked, the RBF said in a statement.
“To date the Reserve Bank has revoked two licences of foreign exchange dealers for these reasons. Members of the public should report to the Reserve Bank if they suspect irregular activities are undertaken by foreign exchange dealers,” the RBF said.
Galaxy International Limited is now no longer permitted to act as an authorised restricted foreign exchange dealer in relation to the following transactions:
1. Sale, purchase and repatriation of traveler’s cheques and foreign currency notes;
2. The remittance of proceeds of repatriated Fiji currency notes;
3. The issue of bank drafts;
4. The use of telegraphic or electronic transfers for payment and receipt of funds; and
5. Any other type of transaction that was approved by the Reserve Bank of Fiji for Galaxy International Limited as an authorised restricted foreign exchange dealer.
The RBF has cautioned members of the public against doing business with unlicensed dealers.
Galaxy International Limited was issued with a restricted foreign exchange dealer licence in 2004 and was since supervised by the Reserve Bank of Fiji.
Fiji now has six foreign exchange dealers, only one of which is locally owned.
