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Massive US$100,000 fines for Zimbabwe forex offenders
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The Reserve Bank of Zimbabwe (RBZ) has introduced heavy fines and tougher enforcement measures against individuals, companies, and financial institutions caught breaking exchange control regulations.
In a policy statement issued on 15 August 2025, RBZ Governor Dr John Mushayavanhu announced that offenders will now face penalties of either 1% of the transaction value or US$100 000 (about R1.8 million) - whichever is higher.
"We have observed recurring incidences of non-compliance with exchange control rules and regulations across the economy. These incidents undermine the conduct of trade and investment transactions and compromise the integrity of the financial sector," said Mushayavanhu.
The violations, according to the RBZ, include failure to submit import and export documents on time, falsification of paperwork, hiding borrowed funds through multiple bank transfers, and overpricing imports. The bank warned that these practices distort official trade data and give room for manipulation of the Willing-Buyer Willing-Seller (WBWS) foreign exchange market.
Other offences highlighted include failure to acquit export receipts, disregarding liquidation requirements, irregular cross-border investments without RBZ approval, and "double dipping" - where businesses source foreign currency multiple times for the same purpose.
To curb the abuse, the RBZ said it has revised penalties upwards and will not hesitate to suspend or revoke trading licences for serious breaches.
"The Reserve Bank has revised the penalty fees for non-compliance upwards to one percent of the transaction amount or one hundred thousand United States dollars, whichever is greater," the statement added.
The central bank has urged authorised dealers, ADLAs, and corporates to tighten internal controls and ensure strict adherence to foreign exchange laws, warning that non-compliance will come at a heavy price.
In a policy statement issued on 15 August 2025, RBZ Governor Dr John Mushayavanhu announced that offenders will now face penalties of either 1% of the transaction value or US$100 000 (about R1.8 million) - whichever is higher.
"We have observed recurring incidences of non-compliance with exchange control rules and regulations across the economy. These incidents undermine the conduct of trade and investment transactions and compromise the integrity of the financial sector," said Mushayavanhu.
The violations, according to the RBZ, include failure to submit import and export documents on time, falsification of paperwork, hiding borrowed funds through multiple bank transfers, and overpricing imports. The bank warned that these practices distort official trade data and give room for manipulation of the Willing-Buyer Willing-Seller (WBWS) foreign exchange market.
Other offences highlighted include failure to acquit export receipts, disregarding liquidation requirements, irregular cross-border investments without RBZ approval, and "double dipping" - where businesses source foreign currency multiple times for the same purpose.
To curb the abuse, the RBZ said it has revised penalties upwards and will not hesitate to suspend or revoke trading licences for serious breaches.
"The Reserve Bank has revised the penalty fees for non-compliance upwards to one percent of the transaction amount or one hundred thousand United States dollars, whichever is greater," the statement added.
The central bank has urged authorised dealers, ADLAs, and corporates to tighten internal controls and ensure strict adherence to foreign exchange laws, warning that non-compliance will come at a heavy price.
Source - online
