Business / Local
Mnangagwa unleashes Financial Intelligence Unit on currency speculators
26 Apr 2022 at 11:24hrs | Views
President Emmerson Mnangagwa has reportedly instructed securocrats to work closely with the Financial Intelligence Unit to root out currency saboteurs.
Sources privy to the Monday security briefs said the President made it very clear that civil servants and workers in general were suffering due to the shenanigans of the currency speculators and these had to pay a hefty price for their treasonous acts.
Insiders revealed that the authorities had found the entities responsible.
"Now, the securocrats are looking into methods to deal with those responsible and the Reserve Bank through the Financial Intelligence Unit will take a leading role in taking punitive measures." The source told this reporter.
Last week Mnangagwa said banks and companies engaging in local currency manipulation and unjustifiable price increases might be at risk of losing their operating licenses.
Speaking at a rally in Epworth the President said, "These economic players are not acting alone, they are being sent by foreign countries hostile to Zimbabwe to weaken our local currency."
There are reports that over 200 entities are likely to be punished with some facing bans from the Official Forex Auction, while other speculators will have their accounts frozen.
The Financial Intelligence Unit was established in 2004 in terms of section 3 of the Bank Use Promotion and Suppression of Money Laundering Act [Chapter 24:24]. The Unit also works with relevant stakeholders, in ensuring the investigation, prosecution, conviction of criminal offenders, and confiscation of recovered assets or funds.
Sources privy to the Monday security briefs said the President made it very clear that civil servants and workers in general were suffering due to the shenanigans of the currency speculators and these had to pay a hefty price for their treasonous acts.
Insiders revealed that the authorities had found the entities responsible.
"Now, the securocrats are looking into methods to deal with those responsible and the Reserve Bank through the Financial Intelligence Unit will take a leading role in taking punitive measures." The source told this reporter.
Last week Mnangagwa said banks and companies engaging in local currency manipulation and unjustifiable price increases might be at risk of losing their operating licenses.
Speaking at a rally in Epworth the President said, "These economic players are not acting alone, they are being sent by foreign countries hostile to Zimbabwe to weaken our local currency."
There are reports that over 200 entities are likely to be punished with some facing bans from the Official Forex Auction, while other speculators will have their accounts frozen.
The Financial Intelligence Unit was established in 2004 in terms of section 3 of the Bank Use Promotion and Suppression of Money Laundering Act [Chapter 24:24]. The Unit also works with relevant stakeholders, in ensuring the investigation, prosecution, conviction of criminal offenders, and confiscation of recovered assets or funds.
Source - Byo24News
