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Money transfer services suspended in USVI
Published on August 15, 2015 Email To Friend    Print Version

By Caribbean News Now contributor

ST THOMAS, USVI -- Hard on the heels of recent closures of money transfer facilities in some other Caribbean islands, notably the Cayman Islands and Curacao, MoneyGram money transfer services have been suspended at several locations in the US Virgin Islands.

The suspension of services at the specific locations is a result of a decision made by the MoneyGram regional office in Miami, Florida. Suspension of services at the affected locations will remain until further notice. If and when such services are resumed, the Department of Licensing and Consumer Affairs and the office of the Lt. Governor –Division of Banking and Insurance will inform the general public.

The Department of Licensing and Consumer Affairs issues licences to the affected establishments to conduct business in the US Virgin Islands and the Office of the Lt. Governor – Division of Banking and Insurance registers the said establishments to perform money transfer services in the USVI.

MoneyGram services at two locations in St Thomas remain operational, as they are under different management and ownership than the suspended establishments.

Lieutenant Governor Osbert Potter stated, “As chairman of the Banking Board, the lieutenant governor regulates MoneyGram but does not licence MoneyGram franchisees. We are working with DLCA to make sure consumers’ interests are protected. We have written to MoneyGram and requested that they find another authorized representative to serve the islands of St Croix and St John as soon as possible, given the large number of consumers that utilize their services on both islands.”

Commissioner Devin Carrington stated, “Based on preliminary information received from MoneyGram headquarters, no consumer transactions in the Virgin Islands have been adversely affected by the action that has prompted MoneyGram Headquarters to suspend services at the aforementioned locations. Nonetheless, the Department of Licensing and Consumer Affairs remains vigilant in its efforts to protect the consumers in the Virgin Islands.”
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