This was after three people were arrested on Wednesday, October 12, in Gasutamo Village, Kivumu Cell in Gisenyi Sector where they were operating black foreign exchange trading markets.
Chief Inspector of Police (CIP) Mucyo Rukundo, the Western Region Political and Civic Education Officer (RPCEO) said that all suspects were arrested at the border.
"Police in Rubavu District are in operations targeting people, who conduct foreign exchange trading illegally especially in Gisenyi town and at the border points of Grande Barrière and Petite Barrière," CIP Rukundo said.
CIP Rukundo warned against such unlawful foreign exchange trade, which can also lead to money laundering and affect licensed forex trading.
Only licensed intermediaries are authorized to carry out foreign exchange business, in conformity with specific Central Bank regulations, under regulation N° 42/2022 of 13/04/2022 governing foreign exchange operations.
In article 29, operation of buying or selling foreign currency is prohibited, where at least one of the parties to the transaction is not a licensed intermediary.
In article 34, any violation of the provisions of this Regulation, and other related legal or regulatory provisions, shall be punished in accordance with the appropriate laws or regulations.
In addition, any person who sells or pricing goods or services in foreign currency contrary to the provision of this regulation shall be punishable by the seizure and confiscation of the amount involved in that transaction. The confiscated amount shall be credited on the Public Treasury account.
Article 223 of the law determining offenses and penalties in general, states that any person who, by any means, illegally sells or exchanges, national or foreign currency, commits an offence.
Upon conviction, he/she is liable to imprisonment for a term of not less than six months and not more than two years or a fine of not less than Rwf200000 and not more than Rwf3 million.