Business / Economy
Illicit financial flows worry Zimbabwe
23 Apr 2016 at 21:03hrs | Views
The Reserve Bank of Zimbabwe (RBZ) has called on accountants to help authorities in stamping out illicit financial flows which prejudiced the economy US$1,8 billion in 2015.
Illicit financial flows continue to pose a threat on efforts to retain cash.
Speaking at the just-ended 3rd Zimbabwe Accountants Conference, RBZ Governor, Dr John Mangudya said professionals should help with policies to increase revenue inflows.
"We need people like you so that whatever you can do will translate into increased macro- economic activities," he said.
Dr Mangudya said accountants must also monitor and ensure transparency on financial transactions.
According to the central bank, US$1,8 billion was externalised by individuals and corporates last year through remittance of donations to oneself, offshore investments and externalisation of export sale proceeds by corporates.
Illicit financial flows continue to pose a threat on efforts to retain cash.
"We need people like you so that whatever you can do will translate into increased macro- economic activities," he said.
Dr Mangudya said accountants must also monitor and ensure transparency on financial transactions.
According to the central bank, US$1,8 billion was externalised by individuals and corporates last year through remittance of donations to oneself, offshore investments and externalisation of export sale proceeds by corporates.
Source - ZBC
