Chinese national Xie Xiaomao, known as Celina in business circles, has been ordered to pay a fine of Sh2 million by Kisutu Resident Magistrate’s Court after admitting to conducting foreign currency exchange operations without a license from the Bank of Tanzania (BoT).
Xie was found guilty of running the illegal forex business in violation of Tanzanian financial laws, which require all foreign exchange operations to be licensed by the BoT. The court’s decision serves as a reminder of the stringent regulations governing currency exchange in the country.
The case highlights Tanzania’s continued efforts to clamp down on unlicensed financial activities, ensuring that businesses comply with national financial regulations to maintain a stable and transparent economy.
