Between April and May 2019, the banks imported currencies for more than 80 billion FCFA without authorization of the Beac



(Invest in Cameroon) - The Bank of Central African States (Beac) reveals that between April and May 2019, banks operating in the Cemac zone (Cameroon, Central African Republic, Congo, Gabon, Equatorial Guinea and Chad) have imported for more than 80 billion FCFA currency without its prior authorization.

"Thanks to new computer tools, the Beac has been able to detect several cases of violation that have resulted in sanctions against banks in breach"Says the Central Bank. In this activity of illegal imports of foreign currency, indicates the Beac, these banks, executing the orders of the customers, without the necessary justifications for the covers with the Beac, found themselves debtor with their correspondents, in particular for the transactions of electronic payment and fast transfers.

The 80 billions of foreign currencies illegally imported by the banks are almost the equivalent of the 92,3 billion FCFA discovered by the Beac in 2 188 fraudulent foreign exchange accounts for the benefit of residents of the community area (State, natural persons, legal persons) between 2000 and February 2019.

"Permanent monitoring of Beac services will now prevent this type of behavior and punish all offenders"Warns the Central Bank.

SA

READ MORE HERE