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100 Zimbabweans probed over US$70m ill-gotten wealth
22 Oct 2023 at 04:15hrs | Views
Over 100 individuals suspected of acquiring assets worth US$70 million through money laundering and illicit financial activities are currently under investigation. The National Prosecuting Authority (NPA) has initiated the process of confiscating their wealth. Zimbabwe recently assumed the presidency of the Asset Recovery Inter-Agency Network of Southern Africa (ARINSA), enhancing its ability to identify, trace, freeze, and forfeit proceeds of crime.
NPA spokesperson Ms. Angeline Munyeriwa reported that they have been applying for unexplained wealth orders. Currently, there are 30 cases involving assets worth US$20 million pending further investigation, with 12 court applications for the forfeiture of assets valued at US$15.5 million filed. Additionally, the NPA has 21 asset forfeiture cases, aiming to seize properties worth US$10.8 million through the Asset Forfeiture Unit (AFU).
There is an ongoing request for international cooperation to recover assets worth US$2.7 million, as well as investigations into properties valued at US$3 million. The NPA is handling 25 cases with preservation court orders for assets worth US$9.3 million.
Ms. Munyeriwa also mentioned appeals against forfeiture orders worth US$1.4 million and appeals against the reinstatement of a warrant of arrest at the Supreme Court. Furthermore, there is an application pending at the Constitutional Court for the declaration of constitutional invalidity of the Money Laundering and Proceeds of Crime Civil Forfeiture Provisions, involving assets worth US$250,000.
The NPA has also filed an appeal against the release of exhibits worth US$300,000 at the High Court. Additionally, there are ten interlocutory applications by defendants against preservation orders in the High Court, with assets valued at US$4.7 million. A request for mutual legal assistance for the repatriation of a helicopter worth US$1.4 million is in progress.
Zimbabwe's presidency of ARINSA, following Mauritius, will focus on overseeing the network's administration, setting annual priorities based on member states' needs, and representing and promoting the network in various meetings, conferences, and events. The head of the AFU, Mr. Chris Mutangadura, now ARINSA's president, emphasized the need for methodical and systematic risk-based programs to achieve meaningful asset recovery, urging member states to enhance international cooperation through domestic anti-money laundering taskforces and training for relevant personnel. He also suggested the establishment of specialized courts for handling financial crimes.
NPA spokesperson Ms. Angeline Munyeriwa reported that they have been applying for unexplained wealth orders. Currently, there are 30 cases involving assets worth US$20 million pending further investigation, with 12 court applications for the forfeiture of assets valued at US$15.5 million filed. Additionally, the NPA has 21 asset forfeiture cases, aiming to seize properties worth US$10.8 million through the Asset Forfeiture Unit (AFU).
There is an ongoing request for international cooperation to recover assets worth US$2.7 million, as well as investigations into properties valued at US$3 million. The NPA is handling 25 cases with preservation court orders for assets worth US$9.3 million.
Ms. Munyeriwa also mentioned appeals against forfeiture orders worth US$1.4 million and appeals against the reinstatement of a warrant of arrest at the Supreme Court. Furthermore, there is an application pending at the Constitutional Court for the declaration of constitutional invalidity of the Money Laundering and Proceeds of Crime Civil Forfeiture Provisions, involving assets worth US$250,000.
The NPA has also filed an appeal against the release of exhibits worth US$300,000 at the High Court. Additionally, there are ten interlocutory applications by defendants against preservation orders in the High Court, with assets valued at US$4.7 million. A request for mutual legal assistance for the repatriation of a helicopter worth US$1.4 million is in progress.
Zimbabwe's presidency of ARINSA, following Mauritius, will focus on overseeing the network's administration, setting annual priorities based on member states' needs, and representing and promoting the network in various meetings, conferences, and events. The head of the AFU, Mr. Chris Mutangadura, now ARINSA's president, emphasized the need for methodical and systematic risk-based programs to achieve meaningful asset recovery, urging member states to enhance international cooperation through domestic anti-money laundering taskforces and training for relevant personnel. He also suggested the establishment of specialized courts for handling financial crimes.
Source - SundayMail
