Government tasked to reveal fate of cash confiscated at forex shops

Dodoma. The fate of the cash and equipment that were seized during cracked down on forex bureaus in December 2018 remains unknown with legislator  Cecilia Pareso now urging  government to state exactly what happened to the money.

Pareso raised the concerns on Tuesday June 7, 2022 during discussions on expenditure and revenue in the ministry of finance for the year 2022/2023.

She said that in 2018, the government collected money and equipment from bureau de change including computers, EFD machines and licenses were revoked.

Ms Pareso said that this was the fourth time she was seeking for answers from the governments about the business people whose money was taken since 2018.

However she said that despite all the efforts made, a conclusion was yet to be reached and that it’s about time the government told the truth that will end the complications faced by the concerned business people.

“You formed a task force that went and faced these business people before informing them they have a debt to pay as they took all the equipment and then you went back to seek your debts.,” she emphasized. Ms Pareso has called for the government to give detailed and honest answers about this issue. 

The central bank in 2018 closed more than 50 forex bureaux l, citing tax evasion and money laundering.

Authorities claimed that the government intervened after realising that some operators had up to seven unregistered shops, which created room for tax evasion.

It was also noted that the money exchanged through some forex bureaux was not reflected in TRA records - hence creating another loophole for tax evasion.