SAMOA CRACKS DOWN ON FOREIGN MONEY EXCHANGES

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APIA, Samoa (April 26, 2002 - Samoa Observer/PINA Nius Online)---The Central Bank of Samoa reports that it has "stopped all foreign exchange dealings" by two money exchange companies operating in Samoa.

Bank governor Papali‘i Tommy Scanlan said: "I took these steps because of breaches of their foreign exchange licenses after they had accepted foreign currency far in excess of the WST$ 10,000 (US$ 2,885) limit per person per day, without the approval of the Central Bank."

He said they were alerted to the matter when ANZ Bank wanted to find out how much they were legally allowed to cash into Samoan tala for a customer. The Central Bank of Samoa was told that the told amount to be cashed was US$ 500,000.

Money exchanges have become an increasingly popular way for Samoans overseas to send money home to relatives.

For additional reports from the Samoa Observer, go to PACIFIC ISLANDS REPORT News/Information Links: Newspapers/Samoa Observer.

Pacific Islands News Association (PINA) Website: http://www.pinanius.org 

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