Money Laundering: CBN Revokes Licence Of 101 BDCs
The Central Bank of Nigeria (CBN) has revoked the licence of 101 Bureaux De Change (BDC) companies for their involvement in money laundering and other financial infractions.
The CBN, in a circular released by and obtained by the News Agency of Nigeria (NAN) on Friday in Lagos, said that the revoked BDCs had inadequate documentations on huge foreign exchange purchased from banks.
The CBN in the circular said that the BDCs were unable to provide satisfactory evidence of the purchase and utilisation of autonomous foreign exchange.
Mr Isaac Okoroafor, CBN spokesperson, in a text message, confirmed to NAN the revocation of the operating licences of 101 BDCs.
“The BDCs were involved in money laundering and failure to provide adequate records and documentation of huge autonomous foreign exchange purchased from banks,” Okorafor said.
NAN also reports that 17 other BDCs were fined N34 million or two million naira each for infractions of the BDC guidelines.
CBN said that those fined had satisfactory evidence of the purchase/ utilisation of autonomous foreign exchange, but had other infractions of the guidelines.
NAN reports that the CBN, had in September 2013, revoked the licenses of 20 BDCs over foreign exchange malpractices. (NAN)