The Ugandan ambassador to Rwanda, Richard Kabonero has cautioned Uganda against schemes in TelexFREE business and confirmed Rwanda’s ban on the operations.
The Government of Rwanda has banned TelexFREE operations in the country due to reports of money laundering.
Ambassador Kabonero, confirmed the news on Monday on his twitter page.
— Richard Kabonero (@richardkabonero)
The statement released by Rwanda Ministry of Trade and Industry on Friday says that this operation would jeopardize the financial sector of the country.
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“Basing on the investigation report carried out by the National Bank of Rwanda in conjunction with the Ministry of Trade Industry of 19th February 2014 on the operations of P.L.I Telexfree Ltd activities are similar to that of a pyramid scheme which can easily be a channel to jeopardize the financial sector and facilitate Money Laundering,” says the statement.
“The Ministry of Trade and Industry hereby informs the general public that the operations of P.L.I TELEXFREE RWANDA Ltd are banned,” said Mr Francis Kanimba, the Minister of Trade and Industry.
Ambassador Kabonero also advised Uganda to follow suit by banning such operations.
The operations of this business have attracted many people with its quick cash back philosophy.
Meanwhile, TelexFREE was also banned in Brazil and is under investigation in the US and other countries around the world on suspicions that it could be a Ponzi scheme.