News / Local
Zimbabwe removed from financial grey list
06 Mar 2022 at 08:24hrs | Views
ZIMBABWE has been removed from the list of countries that are considered to be insufficiently compliant in implementing Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Standards.
Zimbabwe was placed on the Financial Action Task Force (FATF)'s "grey list" in October 2019, following a Mutual Evaluation (assessment) process that identified a number of deficiencies in the country's implementation of the AML/CFT Standards.
In a statement yesterday, Finance and Economic Development Minister Professor Mthuli Ncube said the removal of Zimbabwe on the FATF's "grey list" was yet another vote of confidence by the international community, which continues to recognise the growing list of achievements by the Second Republic.
"I am pleased to inform stakeholders and the nation at large, that following an On Site Evaluation exercise carried out in January 2022, the Financial Action Task Force (FATF), has on the 4th of March, 2022, announced Zimbabwe's removal from the list of countries that are considered to be insufficiently compliant in implementing Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Standards.
"The removal from the FATF's grey list is yet another vote of confidence by the international community, which continues to recognise the growing list of achievements by the Second Republic, under the leadership of His Excellency, the President, Dr Emmerson Dambudzo Mnangagwa," said Prof Ncube.
The Minister commended the National Task Force on AML/CFT comprising the Treasury, the Financial Intelligence Unit (FIU), the Reserve Bank of Zimbabwe and over 80 stakeholders drawn from both the public and private sectors on the successful implementation of the FATF Action Plan, whose contributions culminated in the de-listing of the country from the "grey list".
He said the adherence to strict AML/CFT standards was not just a compliance requirement, but enhanced the country's image as a safe destination for investment.
Prof Ncube said it also strengthens the domestic financial sector and builds on the confidence stakeholders have in Zimbabwe as a committed and responsible member of the global financial ecosystem.
"The fight against money laundering and terrorism financing therefore remains an ongoing process, which shall not end with the country's exit from the "grey-list".
"My Ministry, which is responsible for overall AML/CFT oversight, will continue to provide all the necessary support to the FIU and to ensure continuous enhancement of the country's capacity to combat money laundering and related financial crimes, for the good of the Zimbabwean economy," he said.
Zimbabwe was placed on the Financial Action Task Force (FATF)'s "grey list" in October 2019, following a Mutual Evaluation (assessment) process that identified a number of deficiencies in the country's implementation of the AML/CFT Standards.
In a statement yesterday, Finance and Economic Development Minister Professor Mthuli Ncube said the removal of Zimbabwe on the FATF's "grey list" was yet another vote of confidence by the international community, which continues to recognise the growing list of achievements by the Second Republic.
"I am pleased to inform stakeholders and the nation at large, that following an On Site Evaluation exercise carried out in January 2022, the Financial Action Task Force (FATF), has on the 4th of March, 2022, announced Zimbabwe's removal from the list of countries that are considered to be insufficiently compliant in implementing Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Standards.
"The removal from the FATF's grey list is yet another vote of confidence by the international community, which continues to recognise the growing list of achievements by the Second Republic, under the leadership of His Excellency, the President, Dr Emmerson Dambudzo Mnangagwa," said Prof Ncube.
He said the adherence to strict AML/CFT standards was not just a compliance requirement, but enhanced the country's image as a safe destination for investment.
Prof Ncube said it also strengthens the domestic financial sector and builds on the confidence stakeholders have in Zimbabwe as a committed and responsible member of the global financial ecosystem.
"The fight against money laundering and terrorism financing therefore remains an ongoing process, which shall not end with the country's exit from the "grey-list".
"My Ministry, which is responsible for overall AML/CFT oversight, will continue to provide all the necessary support to the FIU and to ensure continuous enhancement of the country's capacity to combat money laundering and related financial crimes, for the good of the Zimbabwean economy," he said.
Source - The Sunday News
