Zimbabwe satisfied with war against money laundering


Zimbabwe Finance Minister Mthuli Ncube arrives at the Parliament of Zimbabwe to present the national annual budget, a few days after the introduction of a new currency in the country, in Harare, on November 14, 2019. (Photo by Jekesai NJIKIZANA / AFP)

from DANIEL JONES in Victoria Falls, Zimbabwe
VICTORIA FALLS, (CAJ News) ZIMBABWE has made great strides in the fight against money laundering and terrorist financing.

This is according to Finance Minister, Prof Mthuli Ncube, while officially opening the meeting between the International Cooperation Review Group’s Africa/Middle East Joint Group and the Zimbabwe National Task-force on Anti Money Laundering, Terrorist Financing and Proliferation Financing.

The event has been held in Victoria Falls.

Ncube said some highlights of government’s achievements include the Money Laundering and Proceeds of Crime Act, promulgated in 2016.

It has been amended several times in order to ensure compliance with the Financial Action Task Force Standards, curb new threats and align with developments in the financial services sector.

In February 2020 Government approved the second National Risk Assessment report and Strategic Plan for money laundering, financing of terrorism and proliferation financing.

Ncube said recommendations of the report were being implemented.

Zimbabwe, which has been repossessing wealth suspected to have been gathered through corrupt means, now prioritizes application of seizure and confiscation measures on property involving illegal proceeds and property involved in money laundering and terrorist financing.

Ncube said in recognition of Zimbabwe’s efforts, the Financial Action Task Force in October 2021 meetings made an initial determination that Zimbabwe ha substantially completed its action plan, hence warranted an on-site assessment.

“This is why we are here, today,” Ncube remarked.

“Government, is therefore committed to continuously address not just the issues in the Financial Action Task Force action plan and Eastern and Southern Anti-Money Laundering Group, but also to tackle evolving issues, for the good of the country and the overall international financial services system.”

In 2019, Zimbabwe made commitment to work with the Financial Action Taskforce and the Eastern and Southern Anti-Money Laundering Group.

– CAJ News






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