Report: TelexFree Rwanda Involved Money Laundering of more than USD 10million
Posted by: Albert Mucunguzi
in Business, News
10 hours ago
A report on the findings of operations conducted by TelexFree has
indicated that the company was involved in laundering an estimated to
Rwf7billion (USD 10.4m) to foreign companies in the US and Germany
evading taxation.
The government of Rwanda this week announced the ban of all operations
of P.L.I Telexfree Rwanda Ltd, a multi-level Internet marketing
Service Company, citing fears of money laundering.
One of the government investigators, Emanuel Bayingana revealed that
about $6 million was to be sent to Rwanda from US as taxes, but
Telexfree failed to justify it."
The report released by an investigation team led by the Ministry of
Trade and Industry indicated that the company has been laundering
money, evading taxes and exploiting Rwandans to the benefit of its
foreign owners.
Telexfree arrived in Rwanda in the Second Quarter of 2013, whereby it
was fully and duly registered by RDB, approved and Registered as a
Commercial Company since 12 June 2013 with the affiliate name "PLI
TelexFree (Rwanda) Ltd".
FULL COVERAGE
TelexFree: ponzi scheme or genuine money Source?
TelexFree: Experts raise the red flag over pyramid scheme that's been
reportedly BANNED in Rwanda
Confirmed: Rwanda bans Telexfree operations
The 14 year old Company has been involved in raising the excitement of
enabling people to be hired (as Promoters) and start getting paid on
average, $100 every week for 52 weeks, for posting daily adverts on
the internet.
Meanwhile, government is set to launch a campaign aimed at curbing
money laundering. Rwanda passed the anti-money laundering and
combating financing of terrorism law in 2008, a move that positioned
the country to be competitive within the East African Community (EAC)
by raising investor confidence.
According to the Rwandan law, any person who leaves or enters the
country transporting cash or negotiable bills of exchange exceeding
$10,000, without prior declaration, except for funds certified by a
withdrawal slip issued by an accredited bank, will be committing a
money laundering offence.
http://pctechmag.com/2014/03/report-telexfree-rwanda-involved-money-laundering-of-more-than-usd-10million/
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