News / National
Zacc struggles to recover US$1bn tainted assets
31 May 2024 at 16:18hrs | Views
Zimbabwe's weak extra-territorial judicial systems are hampering the Zimbabwe Anti-Corruption Commission (ZACC) from recovering looted funds believed to be hidden in foreign countries, NewsDay has reported.
This revelation comes as the anti-corruption body struggles to meet its goal of recovering at least US$1 billion in assets obtained through criminal activities. During the recent Financial and Asset Recovery Training workshop in Harare, Prosecutor-General Justice Loyce Matanda-Moyo stated that the government has initiated efforts to track and repatriate proceeds of corruption hidden abroad.
ZACC spokesperson Thandiwe Mlobane disclosed that territorial limitations have resulted in the recovery of only US$136 million worth of assets. "Some of the assets within the US$1 billion are stashed outside the country where we do not have jurisdiction to carry out investigations," she explained.
To overcome this obstacle, ZACC has collaborated with the National Prosecuting Authority of Zimbabwe (NPAZ), which in turn has engaged its counterparts in other jurisdictions through mutual legal assistance agreements under the United Nations Convention Against Corruption.
Mlobane noted additional challenges affecting corruption investigations. "During our investigations, we found that some assets were acquired before the 2020 enactment of the Anti-Money Laundering Act. Assets procured corruptly before that period are not subject to forfeiture, and many such assets were acquired before 2020. This has hindered our goal, but we are pleased with the achievement of recovering US$136 million, a milestone we hadn't reached since the unit was established in 2019."
Despite allegations of a lack of coordination between ZACC and NPAZ, Mlobane asserted that Zimbabwe's legal framework is robust enough to address corruption cases effectively. "In terms of the legal framework, we have the necessary legislation in place in Zimbabwe. Any gaps are minimal, and the legislative framework itself is very strong," she stated.
This revelation comes as the anti-corruption body struggles to meet its goal of recovering at least US$1 billion in assets obtained through criminal activities. During the recent Financial and Asset Recovery Training workshop in Harare, Prosecutor-General Justice Loyce Matanda-Moyo stated that the government has initiated efforts to track and repatriate proceeds of corruption hidden abroad.
ZACC spokesperson Thandiwe Mlobane disclosed that territorial limitations have resulted in the recovery of only US$136 million worth of assets. "Some of the assets within the US$1 billion are stashed outside the country where we do not have jurisdiction to carry out investigations," she explained.
To overcome this obstacle, ZACC has collaborated with the National Prosecuting Authority of Zimbabwe (NPAZ), which in turn has engaged its counterparts in other jurisdictions through mutual legal assistance agreements under the United Nations Convention Against Corruption.
Mlobane noted additional challenges affecting corruption investigations. "During our investigations, we found that some assets were acquired before the 2020 enactment of the Anti-Money Laundering Act. Assets procured corruptly before that period are not subject to forfeiture, and many such assets were acquired before 2020. This has hindered our goal, but we are pleased with the achievement of recovering US$136 million, a milestone we hadn't reached since the unit was established in 2019."
Despite allegations of a lack of coordination between ZACC and NPAZ, Mlobane asserted that Zimbabwe's legal framework is robust enough to address corruption cases effectively. "In terms of the legal framework, we have the necessary legislation in place in Zimbabwe. Any gaps are minimal, and the legislative framework itself is very strong," she stated.
Source - newsday
