Zimbabwe Okays anti-money laundering legislation amendments

August 14, 2024

Zimbabwe Okays anti-money laundering legislation amendments

Minister of Information, Publicity and Broadcasting Services, Dr Jenfan Muswere,

Peter Matika [email protected] @petematika

IN a decisive move towards strengthening anti-money laundering and counterterrorism efforts, Government has approved proposed amendments to key legislative Acts. Speaking during a post Cabinet briefing Information, Publicity and Broadcasting Services Minister, Dr Jenfan Muswere said the development underscores Zimbabwe’s commitment to upholding international standards in combating financial crimes. “Zimbabwe subscribes to the international standards set out by the Financial Action Task Force (FATF) to combat Money Laundering, Financing of Terrorism, and Financing of Proliferation of Weapons of Mass Destruction. These proposed amendments aim to further align our legal and institutional framework with these global standards,” said Dr Muswere. He said the FATF evaluates member countries periodically to assess their adherence to these standards, with Zimbabwe scheduled for its next assessment in 2026. Dr Muswere said the proposed amendments seek to bridge existing gaps in the country’s anti-money laundering and counterterrorism frameworks. “Specifically, the amendments will target sections 11 and 12 of the Money Laundering and Proceeds of Crime Act [Chapter 9:24]. These changes will also trigger corresponding amendments to sections 27 and 55 of the Customs and Exercise Act to ensure alignment between the two Acts,” he said. The proposed amendments reflect Zimbabwe’s proactive approach towards enhancing its financial regulatory environment and safeguarding against illicit financial activities. By fortifying its legislative mechanisms, Zimbabwe aims to bolster its defenses against money laundering, terrorism financing, and proliferation of weapons of mass destruction.