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Tuesday, November 24, 2009

Foreign Exchange Dealer Licence Revoked by the Reserve Bank of Fiji

The Reserve Bank of Fiji has revoked a foreign exchange dealer licence issued to Galaxy International Limited after the company made "serious breaches under the Exchange
Control Act and Financial Transactions Reporting Act, and non-compliance with its conditions of
licence" (refer to Reserve Bank of Fiji Press Release dated 23 November 2009).

Galaxy International Limited was issued with a restricted foreign exchange dealer licence in 2004.

The revocation of licence has the effect of Galaxy International Limited not being permitted to act as an authorised restricted foreign exchange dealer in relation to the following transactions:

  1. Sale, purchase and repatriation of traveller’s cheques and foreign currency notes;
  2. The remittance of proceeds of repatriated Fiji currency notes;
  3. The issue of bank drafts;
  4. The use of telegraphic or electronic transfers for payment and receipt of funds; and
  5. Any other type of transaction that was approved by the Reserve Bank of Fiji for Galaxy
    International Limited as an authorised restricted foreign exchange dealer.

The list of other remaining foreign exchange dealers and money changers can be found at the Reserve Bank of Fiji website on this link.

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