Anti-money laundering unit established

Source: Anti-money laundering unit established | The Herald September 13, 2016

Business Reporter
Government, through the National Prosecuting Authority has established a unit to prosecute money laundering offences and will work closely with the Bank Use Promotion and Suppression of Money Laundering Unit in the Reserve Bank, as well as with the police.

This is part of steps to implement the National Anti-Money Laundering and Combating Financing of Terrorism Strategic Plan for 2015–2018 which seeks to increase the country’s effectiveness in identifying or tracing and confiscating proceeds and instrumentalities of crime and funds related to financing of terrorism, among other objectives.

The National Anti-Money Laundering and Combating Financing of Terrorism Strategic framework provides the strategic direction that Zimbabwe will continue to pursue, towards achieving its strategic objectives which are in line with regional initiatives within the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) and international best practice regarding the implementation of the Financial Action Task Force (FATF) AML/CFT standards.

The plan also seeks to increase capacity of AML/CFT stakeholder institutions in Zimbabwe and render them more effective; enhance national cooperation as well as Zimbabwe’s cooperation with other jurisdictions and with regional and international bodies on AML/CFT issues; regularly assess/review the country’s money laundering and financing of terrorism risks and align AML/CFT policies in line with the country’s risks and to monitor and review implementation of this National AML/CFT Strategy on an ongoing basis.

In order to further strengthen the Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) regime, and also keep abreast with FATF standards, Government is considering setting up a dedicated Money Laundering Investigation Unit within the Police. This will allow specialisation and improved capacity on money laundering investigation.

“In the same vein, Government is strengthening cooperation among law enforcement agents, including the Bank Use Promotion and Suppression of Money Laundering Unit currently in the Reserve Bank, the National

Prosecuting Authority, the Police and the Zimbabwe Revenue Authority, which is critical for success in the fight against money laundering,” Finance and Economic Development Minister Patrick Chinamasa said in the Mid Term Policy Statement last week.

Furthermore, as part of capacity building, the Bank Use Promotion and Suppression of Money Laundering Unit has acquired a Go-AML system for instantaneous receipt and analysis of suspicious transaction reports.

The system allows easier and faster detection of suspicious transactions in banking and non-banking financial institutions, including the securities sector, thereby assisting in maintaining the integrity of the country’s financial system.

Minister Chinamasa said Government was drawing guidance from the recommendations of the National Risk Assessment Report conducted over the period 2014–2015, with assistance of the World Bank. One of the major aspects raised through the National Risk Assessment Report is enhancing capacity of investigators and prosecutors, as well as that of the Bank Use Promotion and Suppression of Money Laundering Unit (Financial Intelligence Unit).

On the other hand, technical training for various investigating entities is ongoing, including the recently completed Capacity Building Support in the area of risk based anti-money laundering and countering financing of terrorism, which was funded by the World Bank.

Furthermore, additional capacity building support will be received from the United Nations Office on Drugs and Crime for the period to 2018.

COMMENTS

WORDPRESS: 7
  • comment-avatar
    Fallenz 6 years ago

    Key word: confiscating

    They have looted the entire country. Confiscating funds and assets where ever they find them. If they can’t find an opportunity, they’ll make one. Greed has driven them mad. Sick, sleazy sons of dogs.

    Their definition of “terrorist” is anyone who demands accountability of those they elect. The ZANUPF creed is, “I was able to steal the elections, so I am allowed to steal whatever material things I want.”

    Figure it out… it was a bank heist from day one.

  • comment-avatar
    john Smith 6 years ago

    Both the RBZ and ZRP have been engaged in covering up an International Money laundering operation and also involved in the UN-WFP in Harare

    • comment-avatar
      Robert 6 years ago

      Money laundering? But there’s no money here for laundering. They can take my underwears to clean-up.

  • comment-avatar
    Robert 6 years ago

    They can take my underwears to clean-up. No money left.

  • comment-avatar
    IAN SMITH 6 years ago

    Who in his or her right mind would launder Good currency in a Zanu Pf bank let alone put it there??, when you can simply drive swim or walk a cross the Limpopo and deposit it in a real bank.
    The delusional mind can come up with some very silly ideas.
    Aren’t the brain waves about to boot out half of their mujibas next week anyway, last statement???????????????
    due to the fact that there is no money.
    Soon Zimbabwe will have a minister of naval affairs just like they have a minister of finance what a laugh.

  • comment-avatar
    TJINGABABILI 6 years ago

    ANOTHER DAY ANOTHER DOLLAR TO STEAL BY ZANUPF!

  • comment-avatar
    Honourable John Smith 6 years ago

    PRINTING TRILLIONS of ZIMBABWE DOLLARS
    The Financial Intelligence Report:

    If you go back in time and examine the profile of Gideon Gono when he was Managing Director of Jewel Bank, he had a brilliant career and it caught the attention of RGM your president and so he took over the Governor of RBZ in 2003.

    He claimed “I am a man of GOD – You can TRUST me “ but,” we all know that he is just another false acclaimed prophet.

    Gideon Gono’s greatest success story is hereunder:

    Using the ZW$ that was printed by Fidelity Printers under his governance he had a vision on how to use the ZW$ to become exceedingly rich, not just himself but all the cronies that was on his bucket list – starting with Mugabe the list was endless, they printed untold trillions of dollars using the highest denomination of bank notes, the printed cash was stacked in Miraai Chiremba 4th floor offices and issued out to all and sundry, Superintendent Marodza from Fraud Squad Mahamed House collected all the cash for ZRP officials then the Military then Airforce and so on, those that mattered on the bucket list were never affected by the devalued currency they received weekly cash payments.

    But the bigger picture was not that cash handout.
    Building societies & Banks that loaned monies to buy Properties & Businesses –Hotels Farms – Vehicles of every description and so on, there was no built in mechanism to protect themselves has lenders against runaway inflation. Dr Gono knew that.

    When buying a property one normally takes a loan over 25 years, therefore if you purchased a property in 2007 costing ZW$3.7 billion you would expect to be the owner by the year 2032, but within the year 2007, you were probably earning ZW$ billions, per month then you could pay off the loan within 3 months of purchase. This is fact and true.

    Every person who had a loan for the purchase of
    Buildings – Houses -Hotels – Blocks of Flats – Warehousing and so on
    Fitting & Fixtures Furniture Electrical goods
    Farms Dams Livestock Produce
    Businesses & Companies and contents
    An endless list.
    Became the owner of the above, instantly in that period 2007 / 2009

    Dr Gono printed untold cash notes and all those on the bucket list, purchased untold properties & businesses according to the Financial Intelligence reports sent to V.P. Joice Mujuru.

    Dr Gono used his personnel secretary name to hide his properties she had been his personal secretary even at Jewel Bank ( Denise Naiker) this information was given to the police officers said to be from the British Commonwealth & Foreign office in London by Roy Bennet acting on behalf of MDC-T when he was in Fulham in Exile in UK.

    The financial intelligence at RBZ under Edson M Chiremba hired a team of people to go to every area where gold was being mined by gold paneers to ensure that they were paid the best rates in cash for all their gold, which then came to RBZ and at that time Chiremba had purchased CARSLONE Enterprises in Kwekwe or stole it from other Africans, then they bought a gold mine in Chinhoyi from Deputy Minister Finance at that time David Chapfika – the gold was not for the wealth of the people but for themselves.

    Dr Gono then concluded his masterplan that he devised in 2007 whereby he assured all the persons on the bucket list that he would ensure that they will never be poor, this does not include the ordinary citizens – Dr Gono changed the currency to US$ and they all became Multi Millionaires in hard currency.

    A very clever man and a very clever and executed plan.

    As you well know from press reports they even owned properties in Cape Town seized and sold and made to pay out white farmers who instituted legal proceedings against the Zimbabwe Government .

    Now they want to buy those trillion dollar accounts for US$5.00 what are they planning now.