RBZ encourage whistle blowing

Whistle blowers who report individuals and businesses involved in cash hoarding, selling or engaging in illicit dealings will be rewarded, Reserve Bank of Zimbabwe (RBZ)  Governor Dr John Mangudya  has said.

 Mangudya said information provided to the bank would be kept in confidence between the whistle blower and the bank.

"To promote and enforce compliance with best practice and anti-money laundering rules and regulations, the bank is pleased to advise that it has established dedicated hotline numbers for the public to report individuals and firms or traders that may be involved in cash hoarding, selling or abusing or externalising of cash, or any related misdemeanour.

"A reward equivalent to five percent of the reported and recovered cash amount will be offered by the bank."

Since April last year, the country has been faced with cash shortages and as such long winding queues have become common at banks especially during month-ends.

The central bank has blamed the cash crisis to externalisation among other illicit dealings.