CMA warns illegal forex traders as probe goes on

Capital Markets Authority (CMA) has reported progress in ongoing investigations into illegal forex traders and promised stern action to stem the practice.

CMA chief executive Paul Muthaura Thursday reiterated that those found culpable will face the full force of the law.

“Forex traders must come under regulation via licensing and their activities frequently monitored by the CMA which will help safeguard Kenyans’ against theft or loss of their hard-earned money,” he said.

He spoke in Nairobi when CMA and the Institute of Certified Investment and Financial Analysts (ICIFA) signed a pact to facilitate roll out of academic courses geared towards building capacity in the market.

Under the agreement ICIFA will formulate the short courses as well as academic courses under the Securities Industry Certification Programme for financial analysts and other capital market industry players.