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Zimbabweans to explain deposits of more than $10,000
14 Nov 2018 at 12:54hrs | Views
President Emmerson Mnangagwa has promulgated Statutory Instrument 246 of 2018, Presidential Powers (Temporary Measures) Amendment of Money Laundering & Proceeds of Crime Act & Exchange Control Act, which will is expected to definitively deal with illicit trade in foreign currency.
The new law arms enforcement agencies like the Zimbabwe Republic Police, ZACC, NPA with teeth to apply for an Unexplained Wealth Order (UWO) at the High Court, compelling a recipient to divulge the source of property (funds) exceeding $10 000.
If a recipient of an UWO gives false information on the source of funds (property), they are liable to a fine not exceeding US$65 000 or jail time not exceeding 2 years, or both. If they fail to account for the funds, they are deemed tainted property & forfeited to the State.
The new law that amends the Exchange Control and Money Laundering and Proceeds of Crime Act says those convicted will also have money confiscated from them forfeited to the State.
This comes after President Emmerson Mnangagwa has said he was moving to deal decisively with unscrupulous Zanu-PF bigwigs and business people who are involved in the illegal trading of foreign currency in the country.
Mnangagwa is using temporary emergency powers to crush the rampaging foreign currency black market that he blames for fuelling price increases. He also warned that he would bring "grief" to some banking executives - including officials at the Reserve Bank of Zimbabwe (RBZ) - whom he accused of aiding and abetting the illegal trading in foreign currency.
This comes as the government has come under immense pressure to end the current economic turmoil which began when authorities recently unveiled a slew of measures aimed at reviving the haemorrhaging local economy.
The new law arms enforcement agencies like the Zimbabwe Republic Police, ZACC, NPA with teeth to apply for an Unexplained Wealth Order (UWO) at the High Court, compelling a recipient to divulge the source of property (funds) exceeding $10 000.
If a recipient of an UWO gives false information on the source of funds (property), they are liable to a fine not exceeding US$65 000 or jail time not exceeding 2 years, or both. If they fail to account for the funds, they are deemed tainted property & forfeited to the State.
SI 246 arms enforcement agencies e.g @PoliceZimbabwe, ZACC, NPA with teeth to apply for an Unexplained Wealth Order (UWO) at the High Court, compelling a recipient to divulge source of property (funds) exceeding $10 000. pic.twitter.com/7cLGkUzjTi
— Ministry of Information, Publicity & Broadcasting (@InfoMinZW) November 14, 2018
The new law that amends the Exchange Control and Money Laundering and Proceeds of Crime Act says those convicted will also have money confiscated from them forfeited to the State.
This comes after President Emmerson Mnangagwa has said he was moving to deal decisively with unscrupulous Zanu-PF bigwigs and business people who are involved in the illegal trading of foreign currency in the country.
Mnangagwa is using temporary emergency powers to crush the rampaging foreign currency black market that he blames for fuelling price increases. He also warned that he would bring "grief" to some banking executives - including officials at the Reserve Bank of Zimbabwe (RBZ) - whom he accused of aiding and abetting the illegal trading in foreign currency.
This comes as the government has come under immense pressure to end the current economic turmoil which began when authorities recently unveiled a slew of measures aimed at reviving the haemorrhaging local economy.
Source - Byo24News
