‘No sacred cows in fx blitz’

LIVINGSTONE MARUFU

The Financial Intelligence Unit (FIU) and the police issued a stern warning yesterday saying  that there are no sacred cows in the countrywide  crackdown on people , including political heavyweights and businesses violating the Exchange Control Act amid concerns they may be the sources of the illicit deals, Business Times   can report.

It comes after Neville Mutsvangwa, the son of ZANU PF spokesperson Christopher Mutsvangwa and Women Affairs Minister Monica Mutsvangwa, together with his two accomplices, were remanded in custody.

They are facing three counts of illegal foreign currency (fx) deals to May 30. Mutsvangwa faces a fourth charge of illegally possessing a Starlink internet router.

National police spokesperson Assistant Commissioner Paul Nyathi, told Business Times that the law enforcement agents will  apply the law impartially and fearlessly.

“….We have no sacred cows, we will conduct our duties   in a professional manner without fear or favour.

“The public can  give us  useful information on anyone whom they suspect  is violating Exchange Control Act and we  can  act accordingly,” Nyathi said.

Oliver Chiperesa, the FIU director general, weighed in saying: “We are ready to execute our duties on anyone without fear or favour, if  the market supplies us with convincing information.

” The problem so far is that people just throw names without evidence. If given concrete evidence, we are ready to take on any perpetrators without looking at his or her background.”

It comes as  the police have so far arrested 224 illegal money changers in a blitz with FIU freezing 90 bank accounts.

In addition, the  FIU has levied fines  on over 40 people who have been found  to be violating the Exchange Control Act.

The arrest of forex manipulators comes as the new currency continues to depreciate due to lack of confidence despite being backed by gold reserves.

The taskforce which is carrying out the blitz consists of the police,the FIU, the Ministry of Finance, Economic Development and Investment Promotion, and the Zimbabwe Anti-Corruption Commission, have cleared the streets with some pockets  of resistance in some leafy suburbs.

Money changers are accused of violating Section 14(1) of the Bank Use Promotion and Suppression of Money Laundering Act and the Exchange Control Act, which criminalises illegal dealings in foreign currency.