The Money Transfer Agencies (Licensing) Act will be put into operation on October 1.
According to the Government Information Agency (GINA) the licence is for persons conducting money transfer agencies and it provides for the registering of money transfer agents and for related matters.
Minister of Finance Dr Ashni Singh signed the commencement order for the licensing on Friday, GINA said. It added that the licence aims to allow greater transparency and accountability and governance related to the operations of money transfer agencies. The legislation also outlines an effective administrative, operational and legal framework for conducting the said business.
