Zimbabwe compliant with global standards on curbing illicit finance flows — Chinamasa

HARARE,– Zimbabwe has worked hard to put in place effective legislation to guard against money laundering and the financing of terrorism, a government official has said.

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Zimbabwe compliant with global standards on curbing illicit finance flows — Chinamasa

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Finance Minister Patrick Chinamasa said he was confident that Zimbabwe complies with international standards set by the Financial Action Task Force (FATF) to curb the illicit flow of money.

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Officials from the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) an affiliate organisation of the FATF are currently assessing the country’s capacity to guard against financial crimes with a report expected in February.

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“I am confident that we have complied but the decision is not mine, I cannot assess myself. We have done what we could and we await with confidence the report from the board,” said Chinamasa at a workshop in the capital on Tuesday evening.

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“We have worked very hard to pass the necessary legislation in order to comply and meet the international standards.”

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Last year in June, Parliament passed the Money Laundering and Proceeds of Crime Act, which brought amendments to the Bank Use Promotions and Suppressing of Money Laundering Act, Building Societies Act, Criminal Matters (Mutual Assistance) Act and the Asset Management Act.

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Under the anti-money laundering legislation, banks are empowered to “receive, analyse and disseminate suspicious transactions.”

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Financial institutions can also scrutinise transactions by politicians and heads of state-owned firms to minimise any chances of money laundering and terrorism financing.

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The law also bars people from dealing with shell banks — a financial institution that has no physical presence in Zimbabwe.

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This year Statutory Instrument 2 of 2014 made several amendments, setting stiffer penalties of up to 0,000. – The Source

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