Laparkan Financial Services Limited (LFSL) is continuing to operate its money transfer service.
In a statement on Wed-nesday to Stabroek News, LFSL said that pursuant to a licence issued under the Money Transfer Agencies (Licensing) Act 2009, Laparkan’s money transfer is functioning fully and serves as payout agents for Trans-Fast, Ria, Jamaica National Money Services and First Global Data Corp.
It clarified that it has given up its cambio business. The Bank of Guyana in a notice in the July 26 issue of Stabroek News said that approval had been granted to LFSL to voluntarily cease conducting business for which it was licensed under the Financial Institutions Act 1995. Therefore, it said that the licence issued to LFSL is revoked pursuant to Section 11 (1) (b) of the Financial Institutions Act.
In its statement on Wednesday to Stabroek News, LFSL noted that it was previously issued with a non-depository licence under the Financial Institutions Act 1995 but that this was in no way connected to the money transfer service.
It noted that new legislation passed in the National Assembly in 2009 restricted a non-depository financial institution from holding both a cambio and money transfer licence.
It said that LFSL has now chosen to retain the money transfer licence and to give up its cambio business.
LFSL recently secured a partnership agreement with the Jamaican remittance company, JN Money Services Limited which would enable the latter to expand to four more Caribbean countries.
A press release from JN Money Transfer, which already has operations in Jamaica, the Cayman Islands, St. Vincent and Dominica says it will now have payout operations in Guyana, Trinidad, Antigua and Barbados following the partnership agreement with Laparkan Financial Services.
