Zimbabwe Makes Progress in AML/CFT Regulations
Introduction
In its latest assessment, the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) has commended Zimbabwe for making significant progress in addressing technical compliance deficiencies in its anti-money laundering and counter-terrorist financing (AML/CFT) regulations.
Progress Made
According to the Follow-Up Report, Zimbabwe’s measures have improved significantly since the last assessment, with recommendations 26, 28, and 34 upgraded from Partially Compliant to Largely Compliant. The ESAAMLG assessment is a comprehensive review of the effectiveness of Zimbabwe’s AML/CFT system and its level of compliance with the Financial Action Task Force (FATF) Recommendations.
FATF Recommendations
The FATF Recommendations are a set of international standards aimed at preventing criminal abuse of the financial system, tackling money laundering, terrorist financing, and the financing of proliferation. The ESAAMLG assessment was conducted under the responsibility of the Council of Ministers and reviewed and endorsed by the FATF.
Key Findings
- Zimbabwe has made significant strides in implementing measures to combat money laundering and terrorist financing.
- The country has strengthened its regulatory framework, increased public awareness, and enhanced international cooperation.
Areas for Improvement
The ESAAMLG assessment highlighted several areas of improvement, including:
- Enhancements to customer due diligence, reporting, and record-keeping requirements
- Strengthening financial sector supervision and enforcement capabilities
Commitment to Implementing AML/CFT Standards
The ESAAMLG assessment demonstrates Zimbabwe’s commitment to implementing the FATF Recommendations and improving its AML/CFT regime.
Conclusion
Zimbabwe’s progress in AML/CFT regulations is seen as a significant step towards improving its financial sector and enhancing its reputation internationally. The country continues to work towards strengthening its AML/CFT regime, with ongoing efforts to enhance customer due diligence, reporting, and record-keeping requirements, as well as strengthening financial sector supervision and enforcement capabilities.
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