The license of foreign exchange dealer Galaxy International Limited has been revoked.

In a statement issued, the Reserve Bank said this is due to the company's serious breaches under the Exchange Control Act and Financial Transactions Report Act and non-compliance with its conditions of license.

The statement reads Galaxy International Limited will no longer be permitted to act as an authorized restricted foreign exchange dealer in relation to the sale, purchase and repatriation of traveler’s cheques and foreign currency notes, the remittance of proceeds of repatriated Fiji currency notes, the issue of bank drafts, the use of telegraphic or electronic transfers for payment and receipt of funds and any other type of transaction that was approved by the Reserve Bank for Galaxy International Limited as an authorized restricted foreign exchange dealer.

Governor Sada Reddy has warned all foreign exchange dealers that they must fully comply with their license conditions adding that any breaches will be seriously dealt with.