Financial Crime World

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Zimbabwe Tightens Screws on Money Laundering with New AML Framework

Harare - In an effort to combat financial crimes, Zimbabwe has established a robust anti-money laundering (AML) framework aimed at preventing criminals from disguising illegally obtained funds as legitimate income.

The Money Laundering and Proceeds of Crime Act, Chapter 9:24, provides the legal basis for AML in the country. This act is designed to suppress the abuse of the financial system and enable the unlawful proceeds of all serious crime and terrorist acts to be identified, traced, frozen, seized and eventually confiscated.

Collaboration between ZIMRA and RBZ

The Zimbabwe Revenue Authority (ZIMRA) has a dedicated section on AML, working in partnership with the Financial Intelligence Unit from the Reserve Bank of Zimbabwe (RBZ). This collaboration ensures that financial institutions are held accountable for adhering to strict regulations aimed at preventing money laundering.

Far-Reaching Implications of AML Laws

Despite covering a limited range of transactions and criminal behavior, the implications of AML laws are far-reaching. For instance:

  • Banks and other financial institutions must adhere to strict rules to prevent aiding money laundering.
  • Individuals are encouraged to report any suspected money laundering activities to ZIMRA at [protected email address].

The Purpose of AML

AML seeks to deter criminals by making it harder for them to hide ill-gotten money. By concealing their crimes and the money derived from them, criminals can continue to fund illegal activities. However, AML regulations require financial institutions to monitor customers’ transactions and report on suspicious financial activity, thereby disrupting criminal operations.

Zimbabwe’s Efforts to Combat Money Laundering

With this framework in place, Zimbabwe is poised to tackle the scourge of money laundering and protect its financial system from illegal activities. Individuals are encouraged to report any suspected money laundering activities to ZIMRA at [protected email address]. By working together, Zimbabwe can effectively combat financial crimes and maintain a secure and transparent financial system.