Parliament passes Money Laundering and Proceeds of Crime Bill

Parliament has passed the Money Laundering and Proceeds of Crime Bill (HB4 2013) as part of Zimbabwe's commitment to the fight against financing of terrorism.

The Bill was moved by Finance Minister Tendai Biti in the House of Assembly while Minister of State in the Prime Minister's Office Mr Jameson Timba did likewise in the Senate.

It now awaits President Mugabe's signature before becoming law.
The Bill will also repeal and replace the Serious Offences (Confiscation of [Profits) Act.

According to preamble, the Bill seeks to establish, "the enactment of a comprehensive legal framework to combat money laundering and terrorist financing."

The new law would also seek to implement various UN resolutions on the suppression and financing of terrorism.

"The law will also seek the implementation in domestic law of 40 recommendations regarded by the Financial Action Taskforce as representing international standards to which all States should aspire," reads part of the preamble.

It would also strengthen the legislative framework against misuse of the financial system for the purpose of money laundering or financing of terrorist activities.

The Bank Use Promotions and Suppressing of Money Laundering Act, Building Societies Act, Criminal Matters (Mutual Assistance Act) and the Asset Management Act would also be amended if President Mugabe signs the Bill into law.