Unlicensed Bureaus de Change closed down, two arrested

Similar operation last year

GIBRALTAR (GibChronicle) In a joint operation with the Financial Services Commission, the Royal Gibraltar Police recently carried out a number of target actions against retail outlets believed to be undertaking unlicensed Bureau de Change business. This operation follows on from one carried out about a year ago where nine premises were searched and 17 persons were arrested for committing offences under the Financial Services (Investment and Fiduciary Services) Act 1989. In this latest operation three premises were targeted and two persons have been arrested, according to a police report.>>>

The arrested persons have been charged each with two counts of carrying out a controlled activity without a licence under the Financial Services (Investment and Fiduciary Services) Act 1989, they have been granted bail and will be appearing in the Magistrates court on Wednesday 6 June 2012.

The suspect premises will be closely monitored both by the FSC and RGP, if it is suspected that further contraventions of the Act are being carried out further operations of this kind will be carried out, and arrested individuals will be charged for court where if convicted they could face hefty fines.

The Commissioner of Police EddieYome commented on the excellent and continued cooperation between the FSC and RGP. He stated “It is apparent that our initiatives are bringing about the right results and retailers appear to be abiding with the law”.