Source: Govt amending anti-money laundering laws – NewsDay Zimbabwe May 26, 2018
PARLIAMENT is now in the process of strengthening the Money-Laundering and Proceeds of Crime Act by amending the law to ensure that it is consistent with international standards.
BY VENERANDA LANGA
Chairperson of the Parliamentary Portfolio Committee on Finance and Economic Development, David Chapfika told journalists on Thursday that the Money-Laundering and Proceeds of Crime (Amendment) Bill will suppress money-laundering and financial terrorism acts.
“The Money-Laundering and Proceeds of Crime Act was enacted in June 2013, but due to the increase in cases of money-laundering and financing of terrorism globally, it has led to countries strengthening their existing legislations in line with international standards,” Chapfika said.
“Cases of terrorism are also on the rise and although Zimbabwe does not have much of a challenge in terms of money-laundering and financial terrorism, the challenge is that the world is a global village and there are more tourists and business travellers and it is important that we combat the two vices.”
If the Bill becomes law it is expected to suppress the abuse of the financial system and enable the unlawful proceeds of all serious crime and financial terrorist acts to be identified, traced, frozen, seized and eventually confiscated.
Chapfika said prior to the enactment of the 2013 Money-Laundering and Proceeds of Crime Act, the primary legislations that underpinned money-laundering and combating of financing terrorism regime in Zimbabwe were laws like the Criminal Law (Codification and Reform) Act, 2006, Serious Offences Act, 2001, and the Bank Use Promotion and Suppression of Money Laundering Act, 2002.
“Thus the law is a composite legislation aimed at criminalising money-laundering and terrorist financing in Zimbabwe in line with the 40 recommendations of the Financial Action Task Force of the Eastern and Southern African Anti-Money Laundering Group,” Chapfika said.
He said the Bill also seeks to domesticate the International Convention for the Suppression of the Financing of Terrorism which was adopted by the General Assembly of the United Nations Organisation and United Nations Security Council Resolutions.
In order to strengthen the Bill, the Finance Committee will next week visit different towns in the country to gather oral evidence. This includes visits to Victoria Falls (Monday), Bulawayo (Tuesday), Masvingo (Wednesday), Mutare (Thursday) and Harare on Friday to gather the people’s views.