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Sudanese banks to freeze assets of currency dealers

December 10 - 2017 KHARTOUM
(file photo)
(file photo)

The Central Bank of Sudan ordered banks to freeze the assets of dozens of Sudanese people and companies. The State Security Prosecution charged them for trading currencies, against the Central Bank’s instructions.

According to the order all the money of the accused has to be seized, in addition to the suspension and freezing of all their transactions in foreign currency in all banks operating in Sudan.

The list of persons with frozen stocks includes traders who live abroad. The Central Bank is directed to seize their accounts by the presidential committee which is tasked with controlling the tumbling Sudanese pound rate and foreign exchange activities in Sudan’s parallel market.

The Ministry of Interior filed the complaints against foreign currency traders and dealers outside of Sudan, alleging that they have conducted acts of sabotage of the national economy by dealing with foreign exchange, money laundering and financing terrorism.

Recent weeks have seen a clampdown on currency traders on the parallel market within Sudan, as well as abroad.

Following an unprecedented drop of the Sudanese pound value, presidential directives raised the penalty for trading in currency to 10-years’ imprisonment from three years, and the confiscation of money. The new charges of ‘sabotaging of the national economy, money laundering and financing terrorism’ are punishable by death or life imprisonment.

Personal import limit

In addition the Sudanese minister of trade, Hatim El Sir, issued a decision that sets a limit of 2,000 U.S. Dollars for the value of personal import, instead of 10,000 Euros as was the case in the past.

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