Haiti - Economy : Regulation of Currency Exchange Agents

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Haiti - Economy : Regulation of Currency Exchange Agents
14/09/2012 10:24:32

In a notice dated 4 September 2012, the Ministry of Commerce and Industry (MCI), informs the Exchange Agents that "No one may engage in foreign exchange transactions in the country if it has not been previously authorized by the President of the Republic."

According to this notice, every offender is punishable under Article 13 of the Decree of 31 January 1989 on the foreign exchange in the country which states that :

" a) any person who has illegally practiced the profession of Currency Exchange Agents will be fined for the amount of transactions made and punished in accordance with the provisions of the Civil Code Penal ;

b) similar penalties shall also apply to banks and financial institutions, organizations and any individuals who would have facilitated these transactions."

The Ministry is inviting the Currency Exchange Agents, who would like comply with the law and continue their activities, to report to the Legal Affairs Directorate of the Ministry [8 Rue Légitime Champs de Mars], with their patent and 2 ID photos to regularize their situation.

Reacting to this notice, the Senator of the opposition, Jean-Baptiste Bien-Aimé, considers inappropriate this decision, saying that it is first and foremost a choice "politico-ideological against the interests of the poor," whose these agents will be the first victims.

Although the Senator recognizes the need to fight against money laundering, he said that before asking such a gesture, the Government should have consider first of all the situation of these workers and the impact that the implementation of this decree will result in this sector.

HL/ HaitiLibre