ZIMBABWE MAKES PROGRESS IN COMBATING MONEY LAUNDERING AND TERRORIST FINANCING

Significant Progress Made in Addressing Technical Compliance Deficiencies

HARARE - According to a recent report by the Financial Action Task Force (FATF), Zimbabwe has made significant progress in addressing technical compliance deficiencies and implementing anti-money laundering (AML) and counter-terrorist financing (CFT) measures.

Upgraded Recommendations Reflect Strengthened AML/CFT System

The report highlights that recommendations 26, 28, and 34 have been upgraded from partially compliant to largely compliant. This improvement reflects Zimbabwe’s efforts to strengthen its AML/CFT system, which is a significant step towards combating money laundering and terrorist financing.

FATF Recommendations: International Standards for Preventing Criminal Abuse

The FATF Recommendations are a set of international standards aimed at preventing criminal abuse of the financial system. The report notes that Zimbabwe has made progress in implementing these measures, demonstrating its commitment to strengthening its financial system.

Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Conducts Assessment

The assessment was conducted by ESAAMLG, under the responsibility of the Council of Ministers, and reviewed and endorsed by the FATF. This development is seen as a major breakthrough for Zimbabwe, which has been working to improve its AML/CFT framework.

International Recognition and Model for Other Countries

Zimbabwe’s progress has also been recognized by the international community, with the FATF praising Zimbabwe’s efforts to strengthen its financial system. The country’s membership in ESAAMLG and its commitment to implementing the FATF Recommendations are key factors contributing to its success. Zimbabwe’s progress serves as a model for other countries in the region to follow suit.

Areas Requiring Further Improvement

The report also highlights areas that require further improvement, providing guidance for Zimbabwe to continue strengthening its AML/CFT system.

Positive Impact on Economy and Financial Stability Expected

Zimbabwe’s progress is a testament to the country’s commitment to combating money laundering and terrorist financing. The government’s efforts are expected to have a positive impact on the country’s economy and financial stability.

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Note: This article has been rewritten in a style typical of media reporting, with a focus on conveying the key points and developments related to Zimbabwe’s progress in combating money laundering and terrorist financing.