Dragnet closes in on money launderers

CLOUDINE MATOLA

The dragnet is closing in on money launderers as President Emmerson Mnangagwa’s administration yesterday resolved to strengthen the enforcement of anti-money laundering legislation,Business Times can report.

The development was disclosed by Information Minister, Dr Jenfan Muswere, who said   Cabinet  approved the principles underpinning the proposed  amendments  to the law to fix loopholes in the  country’s institutional and legal framework.

“Cabinet considered and approved the principles underpinning proposed amendments to the Money Laundering and Proceeds of Crime Act [ Chapter 9:24], Suppression of Foreign and International Terrorism Act [ Chapter 11:21 ] and The Customs and Exercise Act [ Chapter 23:02 ], as presented by the Minister of Finance, Economic Development and Investment Promotion, Honourable Professor Mthuli Ncube.

“The proposed amendments on a number of Acts are thus meant to address remaining gaps in the country’s legal and institutional framework on combating Money Laundering, Financing of Terrorism and Financing of Proliferation of weapons of mass destruction,” Dr Muswere said.

He continued: “Zimbabwe subscribes to the international standards on combating Money Laundering, Financing of Terrorism and Financing of Proliferation of Weapons of Mass Destruction as set out in the Financial Action Task Force (FATF) Forty (40) Recommendations. Member countries are assessed periodically, to determine the extent to which they are implementing the FATF standards. Zimbabwe is due for the next round of assessment in 2026,” he said.

Furthermore, Dr Muswere  stated that a proposal was also  made to harmonise sections 11 and 12 of money laundering and proceeds of crime act chapter 9:24 and amendments  with sections 27 and 55 of customs  and Exercise Act.

“It is proposed that section 11 and 12 of the Money Laundering and Proceeds of Crime Act [ Chapter 9:24] be amended. Amendments to section 11 and 12 of the Money Laundering and Proceeds of Crime Act will also necessitate amendments to sections 27 and 55 of the Customs and Excise Act, so that the two Acts are aligned,’’ Muswere said.

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