News / National
Mnangagwa keeps eye on ill-gotten wealth
07 Jun 2019 at 07:18hrs | Views
Proposed amendments to the Money Laundering and Proceeds of Crime Act will incorporate provisions for the High Court to issue out unexplained wealth orders, as Government moves to consolidate efforts to curtail financial and economic crimes such as tax evasion.
This comes after President Mnangagwa made temporary provisions for such orders in the Presidential Powers (Temporary Measures) (Amendment of Money Laundering and Proceeds of Crime Act and Exchange Control Act) Regulations, 2018, gazetted in SI 246/2018, but have since recently expired.
The re-enactment of the whole of statutory instrument 246/2018 was catered for in the Finance (Number 3) Bill of December 2018, but the provision for unexplained wealth orders was not approved by Parliament, on the ground that it should not have been included in a money Bill.
This comes after President Mnangagwa made temporary provisions for such orders in the Presidential Powers (Temporary Measures) (Amendment of Money Laundering and Proceeds of Crime Act and Exchange Control Act) Regulations, 2018, gazetted in SI 246/2018, but have since recently expired.
The re-enactment of the whole of statutory instrument 246/2018 was catered for in the Finance (Number 3) Bill of December 2018, but the provision for unexplained wealth orders was not approved by Parliament, on the ground that it should not have been included in a money Bill.
Source - Business Weekly
