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Bank of Uganda announces Forex Bureaux closures
THE BANK of Uganda has recently announced new Forex regulations which have resulted in the closure of a number of Forex bureaux, offering money transfer services to Ugandans in the United Kingdom. These closures include the Salabed Forex Bureaux.
The Bank has only licensed six Forex bureaux as money remitters out of some 81 Forex bureaux operating here. Under the Foreign Exchange Act of 2004 and Foreign Exchange Regulations 2006, no one can transact business as a Forex bureaux and or money remitter without a valid license issued by the Bank of Uganda.
Money Transfer provides a vital link for Ugandan nationals living in the UK who need to send money home. It is therefore essential to choose a company that is not only licensed but will also provide a fast, reliable and secure service.
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