Source: 10 years in jail for illegal forex dealers – DailyNews Live
STAFF WRITER 13 November 2018
HARARE – A new law came into force yesterday prescribing a 10-year jail
term for unlicensed foreign currency traders in Zimbabwe.
The new law that amends the Exchange Control and Money Laundering and
Proceeds of Crime Act says those convicted will also have money
confiscated from them forfeited to the State.
This comes after President Emmerson Mnangagwa has said he was moving to
deal decisively with unscrupulous Zanu PF bigwigs and business people who
are involved in the illegal trading of foreign currency in the country.
Mnangagwa is using temporary emergency powers to crush the rampaging
foreign currency black market that he blames for fuelling price increases.
He also warned that he would bring “grief” to some banking executives –
including officials at the Reserve Bank of Zimbabwe (RBZ) – whom he
accused of aiding and abetting the illegal trading in foreign currency.
This comes as the government has come under immense pressure to end the
current economic turmoil which began when authorities recently unveiled a
slew of measures aimed at reviving the haemorrhaging local economy.
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