Rs 162 Million Seized At the Airport: The Bank of Mauritius Holds 2 Banks Responsible

After a total of Rs 162 million in foreign currency was seized from the SSR International Airport of Mauritius this week, the Bank of Mauritius (BoM) severely reprimanded two banks believed to be involved in the confusion. The BoM explained in a communiqué that the money was found in two “consignments” belonging to the two banks whose names have not been mentioned. The latter are criticised for having “failed to comply with instructions issued by the Bank in April 2009”.

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The communiqué of the BoM goes as follows:-

“The Bank of Mauritius (‘Bank’) was made aware of bags of hard cash in foreign currencies being air-freighted on 21 May 2015 from the Sir Seewoosagur Ramgoolam International Airport. The Bank immediately sought the assistance of the Mauritius Revenue Authority to initiate action as appropriate in the matter.

“Following the verification of the packages, two consignments containing the equivalent of approximately Rs30 million and Rs132 million in foreign currencies, respectively, were found. A decision was taken to delay the air-freighting of those two consignments pending the completion of an enquiry by the Bank.

“The enquiry revealed that the two consignments belonged to two banks. The Bank was satisfied that the consignments were in line with the normal course of business of these two banks.

“However, these two banks have been severely reprimanded for having failed to comply with instructions issued by the Bank in April 2009, which, amongst others, require banks and foreign exchange dealers to provide the Bank in advance with detailed information pertaining to any importation or exportation of foreign currency notes”.

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