Syria announces the arrest of people practicing money exchange and money transfers without a license

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The Central Bank of Syria announced the start of the second phase of procedures to control and regulate the exchange market and money transfers, which it launched in cooperation and coordination with the Ministry of Interior after the end of the first phase of issuing warnings.

The Bank of Syria said, in a statement today, Monday, that the inspection tours resulted in the arrest of a number of people who did not comply with the warnings directed to them, and continued to practice money exchange and money transfer activities without a license and without settling their situations in accordance with the applicable legal rules.

He added that legal measures have been taken against the violators, arresting them, and confiscating the seized amounts of money that were intended to carry out these activities illegally, while the necessary investigations are being completed in preparation for referring the violators to the competent judiciary to take the necessary legal measures against them, according to the Syrian News Agency, SANA.

The Bank of Syria confirmed the continuation of supervisory and executive procedures in coordination with the Ministry of Interior to control and regulate money exchange and money transfer activities, and to deal in accordance with the legislation in force with anyone who practices them without obtaining a legal license.

The Syrian Central Bank called on all those practicing these activities to immediately adhere to the legislation and regulatory controls, and to refrain from any unlicensed practice, as it will entail legal accountability and penalties in accordance with the law.

On October 10, the Central Bank of Syria announced that it had sent 755 warnings to stores and establishments that practice money exchange and money transfer activities without a license, during monitoring rounds it carried out in cooperation with the Ministry of Interior in several governorates, with the aim of controlling violations.