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Dragnet closes in on Zimbabwe money launderers
15 Aug 2024 at 14:43hrs | Views
The dragnet is closing in on money launderers as President Emmerson Mnangagwa's administration yesterday resolved to strengthen the enforcement of anti-money laundering legislation,Business Times reported.
The development was disclosed by Information Minister, Dr Jenfan Muswere, who said Cabinet approved the principles underpinning the proposed amendments to the law to fix loopholes in the country's institutional and legal framework.
"Cabinet considered and approved the principles underpinning proposed amendments to the Money Laundering and Proceeds of Crime Act [ Chapter 9:24], Suppression of Foreign and International Terrorism Act [ Chapter 11:21 ] and The Customs and Exercise Act [Chapter 23:02], as presented by the Minister of Finance, Economic Development and Investment Promotion, Honourable Professor Mthuli Ncube.
"The proposed amendments on a number of Acts are thus meant to address remaining gaps in the country's legal and institutional framework on combating Money Laundering, Financing of Terrorism and Financing of Proliferation of weapons of mass destruction," Dr Muswere said.
He continued: "Zimbabwe subscribes to the international standards on combating Money Laundering, Financing of Terrorism and Financing of Proliferation of Weapons of Mass Destruction as set out in the Financial Action Task Force (FATF) Forty (40) Recommendations. Member countries are assessed periodically, to determine the extent to which they are implementing the FATF standards. Zimbabwe is due for the next round of assessment in 2026," he said.
Furthermore, Dr Muswere stated that a proposal was also made to harmonise sections 11 and 12 of money laundering and proceeds of crime act chapter 9:24 and amendments with sections 27 and 55 of customs and Exercise Act.
"It is proposed that section 11 and 12 of the Money Laundering and Proceeds of Crime Act [ Chapter 9:24] be amended. Amendments to section 11 and 12 of the Money Laundering and Proceeds of Crime Act will also necessitate amendments to sections 27 and 55 of the Customs and Excise Act, so that the two Acts are aligned,'' Muswere said.
The development was disclosed by Information Minister, Dr Jenfan Muswere, who said Cabinet approved the principles underpinning the proposed amendments to the law to fix loopholes in the country's institutional and legal framework.
"Cabinet considered and approved the principles underpinning proposed amendments to the Money Laundering and Proceeds of Crime Act [ Chapter 9:24], Suppression of Foreign and International Terrorism Act [ Chapter 11:21 ] and The Customs and Exercise Act [Chapter 23:02], as presented by the Minister of Finance, Economic Development and Investment Promotion, Honourable Professor Mthuli Ncube.
He continued: "Zimbabwe subscribes to the international standards on combating Money Laundering, Financing of Terrorism and Financing of Proliferation of Weapons of Mass Destruction as set out in the Financial Action Task Force (FATF) Forty (40) Recommendations. Member countries are assessed periodically, to determine the extent to which they are implementing the FATF standards. Zimbabwe is due for the next round of assessment in 2026," he said.
Furthermore, Dr Muswere stated that a proposal was also made to harmonise sections 11 and 12 of money laundering and proceeds of crime act chapter 9:24 and amendments with sections 27 and 55 of customs and Exercise Act.
"It is proposed that section 11 and 12 of the Money Laundering and Proceeds of Crime Act [ Chapter 9:24] be amended. Amendments to section 11 and 12 of the Money Laundering and Proceeds of Crime Act will also necessitate amendments to sections 27 and 55 of the Customs and Excise Act, so that the two Acts are aligned,'' Muswere said.
Source - businesstimes
