The Central Bank of Syria announced the end of the warning phase regarding violations of the law governing the practice of exchange and financial remittance professions, and the commencement of enforcing legislation and taking legal measures against violators starting from Sunday, the 18th of the current month, without prior warning.
The bank clarified in an announcement issued today, Thursday, that this measure is a continuation of the efforts by the bank and the Ministry of Interior to control and regulate exchange and financial remittance activities, and to enhance compliance with the legislations and regulations governing them.
For its part, the Central Bank confirmed that the judicial police, in coordination with the Ministry of Interior, will begin apprehending violations related to practicing exchange and financial remittance activities without a license in all Syrian governorates, preparing the necessary records, and referring them to the competent judiciary according to prevailing legal procedures.
It pointed out that the legal measures include anyone practicing the professions of exchange and financial remittance without a license, whether written warnings had previously been issued to them to regularize their status or not, and without issuing any further warnings or granting any new deadlines.
The bank stressed that practicing exchange and financial remittance activities requires obtaining the proper license from the Syrian Central Bank, and practicing these activities without a license exposes perpetrators to accountability and penalties stipulated in Article 25 of Law No. 24 of 2006 and its amendments.
The Central Bank called the establishments concerned by this announcement to comply with prevailing legislations and refrain from practicing any exchange or financial remittance activity without a proper license.
It also called on citizens to deal exclusively with licensed companies and offices, which contributes to protecting their funds and rights, limiting the risks of fraud and illegal financial activities, and enhancing the integrity of transactions in the banking and monetary sector.
The Central Bank of Syria had announced on the 10th of the current month that it issued 755 warnings to shops and establishments practicing exchange and financial remittance activities without a license, during supervisory rounds conducted in cooperation with the Ministry of Interior in several governorates, aimed at apprehending violations.
Source: Syrian Arab News Agency (SANA)
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