FIU sufficiently resourced to fight ZiG saboteurs

The Financial Intelligence Unit (FIU), a division of the Reserve Bank of Zimbabwe (RBZ), is well-equipped with skilled personnel and advanced hardware to tackle financial crimes. Recent recruitment efforts have brought in experts with specialized skills, particularly in information technology (IT).

Earlier this month, RBZ Governor Dr. John Mushayavanhu mobilized the FIU, in collaboration with other security agencies, to crack down on illegal money changers and businesses violating exchange control regulations, aiming to protect the newly introduced Zimbabwe Gold currency (ZiG).

In response to questions from legislators in Parliament, Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube announced that the FIU will receive additional resources to enhance its efforts against illegal money changers and currency saboteurs.

In an interview with the Zimpapers Politics Hub, FIU Director-General Mr. Oliver Chiperesa confirmed that the unit is sufficiently resourced for combating financial crimes but declined to disclose specific personnel numbers for security reasons. "Revealing the exact number of our personnel would be akin to a country at war disclosing its military strength to the enemy," Mr. Chiperesa explained. He emphasized that the FIU underwent significant recruitment in January 2022, doubling its staff and diversifying its skill set, particularly in IT and forensic audit.

Mr. Chiperesa highlighted that both the Central Bank and the Ministry of Finance and Investment Promotion have consistently provided the necessary resources for the FIU to operate effectively, including advanced IT tools for transaction analysis. He noted that most of the FIU's work involves analyzing large volumes of transactions to identify trends and suspicious activities, a task that requires sophisticated analytical tools.

The FIU conducts annual reviews to ensure it is well-equipped for the coming year and operates according to a strategic plan that outlines its goals over a five-year period. Mr. Chiperesa expressed confidence that the FIU has the resources needed to achieve its strategic objectives, thanks to ongoing support from the Central Bank and the Ministry of Finance.

The FIU also collaborates with other agencies, including the police, to address issues at the district level. Since the introduction of the ZiG, coordinated efforts have led to the arrest of 220 illegal money changers and the freezing of over 90 bank accounts.