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Zimbabwe central bank to flag suspected terrorists
06 Oct 2023 at 06:33hrs | Views
The Reserve Bank of Zimbabwe's Financial Intelligence Unit will now swiftly freeze the bank accounts of individuals and entities listed by the United Nations for suspected terrorist activities, following the publication of a Statutory Instrument in a recent gazette.
Home Affairs and Cultural Heritage Minister Kazembe Kazembe has issued this Statutory Instrument as part of a broader strategy to combat terrorism, aligning with the United Nations Security Council's directives.
Under these regulations, "without delay" signifies that the freezing of funds or assets must occur within 24 hours of the Foreign Affairs Ministry receiving the United Nations' notice of additions, removals, or other amendments to the existing United Nations Consolidated List of designated individuals.
The Director-General of the FIU is tasked with promptly issuing an order to freeze all funds and assets owned or controlled by the designated person or entity, even those not directly linked to a specific act, plot, or proliferation threat. This includes assets fully or partially owned or controlled, directly or indirectly, by these individuals or entities, as well as assets derived from funds or assets owned or controlled, directly or indirectly, by them. It also encompasses assets held by individuals or entities acting on behalf of or under the direction of a designated person or entity.
The Director-General must make this order public and ensure its dissemination to all banks and other entities holding accounts or assets of the listed person or entity. These banks and entities are then obligated to prevent any funds from flowing to arms sellers and must report to the Director-General on the frozen funds and assets they hold.
Any person, financial institution, or designated non-financial business or profession must promptly freeze any funds or assets known to be owned or controlled, directly or indirectly, by a person or entity designated by the UN, without prior notice to the designated individual or entity, upon notification from the Director-General.
The freeze order remains in effect until the person or entity is removed from the UN list.
Home Affairs and Cultural Heritage Minister Kazembe Kazembe has issued this Statutory Instrument as part of a broader strategy to combat terrorism, aligning with the United Nations Security Council's directives.
Under these regulations, "without delay" signifies that the freezing of funds or assets must occur within 24 hours of the Foreign Affairs Ministry receiving the United Nations' notice of additions, removals, or other amendments to the existing United Nations Consolidated List of designated individuals.
The Director-General of the FIU is tasked with promptly issuing an order to freeze all funds and assets owned or controlled by the designated person or entity, even those not directly linked to a specific act, plot, or proliferation threat. This includes assets fully or partially owned or controlled, directly or indirectly, by these individuals or entities, as well as assets derived from funds or assets owned or controlled, directly or indirectly, by them. It also encompasses assets held by individuals or entities acting on behalf of or under the direction of a designated person or entity.
The Director-General must make this order public and ensure its dissemination to all banks and other entities holding accounts or assets of the listed person or entity. These banks and entities are then obligated to prevent any funds from flowing to arms sellers and must report to the Director-General on the frozen funds and assets they hold.
Any person, financial institution, or designated non-financial business or profession must promptly freeze any funds or assets known to be owned or controlled, directly or indirectly, by a person or entity designated by the UN, without prior notice to the designated individual or entity, upon notification from the Director-General.
The freeze order remains in effect until the person or entity is removed from the UN list.
Source - The Herald
