News / National
No holy cows in Zimbabwe's forex violations blitz
18 May 2024 at 07:25hrs | Views
Zimbabwe's Financial Intelligence Unit (FIU) and the police delivered a firm message yesterday, emphasizing that in the nationwide crackdown on individuals and entities breaching the Exchange Control Act, no one, regardless of political influence or business stature, will be spared.
This declaration follows the remand in custody of Neville Mutsvangwa, son of ZANU PF spokesperson Christopher Mutsvangwa, and Women Affairs Minister Monica Mutsvangwa, along with two associates, facing charges related to illegal foreign currency dealings up to May 30. Mutsvangwa also faces an additional charge for unlawfully possessing a Starlink internet router.
Assistant Commissioner Paul Nyathi, the national police spokesperson, affirmed the commitment of law enforcement to execute their duties impartially and fearlessly. "We operate without bias; our actions are guided by the law," he stated. "The public's cooperation is crucial; anyone suspected of violating the Exchange Control Act can be reported, and we will respond accordingly."
Oliver Chiperesa, Director General of the FIU, echoed this sentiment, emphasizing their readiness to act on credible information provided by the public. "We will not hesitate to act on substantiated reports," Chiperesa affirmed. "Baseless accusations hinder our efforts. With concrete evidence, we will pursue offenders regardless of their status."
The crackdown has resulted in the arrest of 224 illegal money changers, with the FIU freezing 90 bank accounts. Over 40 individuals have faced fines for Exchange Control Act violations.
Despite efforts to curb illegal forex activities, the depreciation of the new currency persists due to widespread distrust, despite its backing by gold reserves.
The taskforce overseeing the operation includes the police, FIU, Ministry of Finance, Economic Development and Investment Promotion, and the Zimbabwe Anti-Corruption Commission. While progress has been made, resistance persists in certain affluent areas.
Illegal money changers are charged under Section 14(1) of the Bank Use Promotion and Suppression of Money Laundering Act and the Exchange Control Act for unlawful foreign currency dealings.
This declaration follows the remand in custody of Neville Mutsvangwa, son of ZANU PF spokesperson Christopher Mutsvangwa, and Women Affairs Minister Monica Mutsvangwa, along with two associates, facing charges related to illegal foreign currency dealings up to May 30. Mutsvangwa also faces an additional charge for unlawfully possessing a Starlink internet router.
Assistant Commissioner Paul Nyathi, the national police spokesperson, affirmed the commitment of law enforcement to execute their duties impartially and fearlessly. "We operate without bias; our actions are guided by the law," he stated. "The public's cooperation is crucial; anyone suspected of violating the Exchange Control Act can be reported, and we will respond accordingly."
Oliver Chiperesa, Director General of the FIU, echoed this sentiment, emphasizing their readiness to act on credible information provided by the public. "We will not hesitate to act on substantiated reports," Chiperesa affirmed. "Baseless accusations hinder our efforts. With concrete evidence, we will pursue offenders regardless of their status."
The crackdown has resulted in the arrest of 224 illegal money changers, with the FIU freezing 90 bank accounts. Over 40 individuals have faced fines for Exchange Control Act violations.
Despite efforts to curb illegal forex activities, the depreciation of the new currency persists due to widespread distrust, despite its backing by gold reserves.
The taskforce overseeing the operation includes the police, FIU, Ministry of Finance, Economic Development and Investment Promotion, and the Zimbabwe Anti-Corruption Commission. While progress has been made, resistance persists in certain affluent areas.
Illegal money changers are charged under Section 14(1) of the Bank Use Promotion and Suppression of Money Laundering Act and the Exchange Control Act for unlawful foreign currency dealings.
Source - businesstimes
