Crackdown on financial crimes a transformative shift
The move by Cabinet to step up the enforcement of the anti-money laundering legislation signifies a transformative shift in the way President Emmerson Mnangagwa administration is combating financial crimes and demonstrates that the authorities are not resting on their laurels.
The suggested changes guarantee adherence to global norms.
Zimbabwe also hopes to strengthen its legislative framework in order to better combat money laundering, financing of terrorism, and the spread of weapons of mass destruction.
In a Post-Cabinet Briefing yesterday , Information Minister, Dr Jenfan Muswere, said Cabinet approved the principles to amend the country’s institutional and legal framework to plug loopholes in the country’s institutional and legal framework and protect the country against money launderers and terrorists.
“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 Excise 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.
