CENTRAL bank governor John Mangudya says local banks have reached acceptable levels in the implementation of Money Laundering and Proceeds of Crime Act requirements.
Government put in place the anti-money laundering law last year in a bid to tackle illicit financial flows after over US$3 billion was externalised and to comply with international anti-money laundering laws.
Mangudya said going forward, the Reserve Bank’s Financial Intelligence Unit would be moving to ensure compliance by DNFBPs, (banks and designated non-financial businesses and professions), including through invocation of administrative penalties prescribed under the Money Laundering and Proceeds of Crime Act.
“The bank calls upon all stakeholders with various roles in the fight against money laundering, including agencies involved in the identification, investigation and prosecution of money laundering cases, to work diligently to improve the effectiveness of the country’s AML/CFT regime,” he said.
Zimbabwe is party to various international legal instruments that require countries to put in place robust frameworks for anti-money laundering efforts and…
