Banks tighten screws on politicians

Local bank executives are now required to approve any transaction carried out by politicians and other top bureaucrats as government moves in to curb money-laundering and terrorist financing.

According to the Money Laundering and proceeds of Crime Bill which was passed by Parliament and signed into law by President Mugabe last week, financial institutions will scrutinise any transactions carried out by local and international politicians as well as heads of State-owned entities any chances of criminal activities.

The Bill was moved by Finance minister Tendai Biti in the House of Assembly.