Southern Africa anti-Money Laundering Body assesses Zim on compliance

A Task Force from the Southern Africa Anti-Money Laundering Body has today concluded its assessment of Zimbabwe’s compliance with the fight against money laundering and combating terrorism.

Zimbabwe is a member of the 15 nation regional body which in turn is affiliated to the Financial Action Group Task Force, whose objective is to eliminate the menace of money laundering and terrorism around the world.

After the assessment that was targeted at the financial sectors of the countries, the Task Force will report to the main body which would take a decision on the outcome.

“The Task Force is inspecting our compliance in terms of legislation and would take its findings to the main body for further action.

“The decision in this regard will be made by the main body but what I know is that as a country, we worked very hard to enact legislation that is in line with the international standards,” said Chinamasa.

Chinamasa said the decision making main body will sit end of next month to determine if Zimbabwe had complied.

The world is struggling to eliminate money laundering; an ugly financial transaction scheme aimed at concealing the identity, source and destination of illicitly obtained money.

At the same time, terrorism is increasingly being perpetrated to instil fear for religious, political or ideological goals in some parts of the world.

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