FIU ropes in ICAZ
…As anti-money laundering drive gathers pace
PHILLIMON MHLANGA
The Financial Intelligence Unit (FIU) will rope in chartered accountants to bolster its capacity as it implements the anti-money laundering and countering financing of terrorism standards ahead of Zimbabwe’s assessment by the global money laundering and terrorist financing watchdog.
The anti-money laundering and countering financing of terrorism (AML/CFT) standards were promulgated by the Financial Action Task Force (FATF) and other international organisations.
FIU director general Oliver Chiperesa told delegates at the Institute of Chartered Accountants Zimbabwe (ICAZ) Winter School in Victoria Falls last week that great focus would be put on chartered accountants to ensure that Zimbabwe is compliant with the AML/CFT standards as well as helping the authorities to seize proceeds of crime.
“Countries are assessed periodically. Our laws are modelled on the standards set by FATF. Therefore, the next assessment for Zimbabwe is in 2024,” said Chiperesa.
“There will be greater focus on designated professional bodies like you [ICAZ] to make sure that adequate and robust controls to prevent and identify suspected money laundering transactions are in place.”
He added: “So what will happen from now to 2024 is that FIU will work closely with ICAZ to make sure that anti- money laundering standards are in compliance with global trends. The accountants will play a critical role for the country to achieve this.”
Chiperesa said FIU expects chartered accountants to do even better for Zimbabwe as “standards are in your DNA”.
“And in Zimbabwe, the opportunities for you [accountants] are actually huge, not only just to implement anti-money laundering standards and making sure that gatekeepers are not used by criminals but to partner with regulators to provide consultancy services,” Chiperesa said.
Zimbabwe was removed from the FATF grey list early this year after an on-site evaluation was carried out.
The southern African country had been placed in the grey list in 2019 after several deficiencies in the implementation of the AML/CTF standards were noted.
Analysts said adhering to strict AML/CTF is just a compliance requirement but enhances the country’s image as a safe destination for investment and strengthens the domestic financial sector.
However, the fight against money laundering and terrorism financing should remain an ongoing process despite the country exiting the grey list.
The FIU was established in 2004 in terms of section 3 of the Bank Use Promotion and Suppression of Money Laundering Act [Chapter 24:24].
It exists as a unit in the administrative establishment of the Reserve Bank of Zimbabwe but has its own governing statutes giving it a mandate distinct from that of the central bank.
