Zim fights terrorism, money laundering

ZIMBABWE has intensified efforts to counter terrorism and illicit financial outflows by establishing a dedicated money laundering investigation unit within the police.

Finance minister Patrick Chinamasa said this will allow specialisation and improved capacity on money laundering investigation.

“In the same vein, government is strengthening cooperation among law enforcement agents, including the bank use promotion and suppression of money laundering unit currently in the Reserve Bank, the National Prosecuting Authority (NPA), the police and the Zimbabwe Revenue Authority, which is critical for success in the fight against money laundering,” he said.

This was after the NPA had established a department dedicated to prosecuting Anti-Money Laundering offences.
The unit works closely with the bank use promotion and suppression of money laundering unit in the central bank, as well as with the Police.

In addition, Chinamasa said as part of capacity building, the bank use promotion and suppression of money laundering unit has acquired a GoAML system for instantaneous receipt and analysis of suspicious transaction reports.

“The system allows easier and faster detection of suspicious transactions in banking and non-banking financial institutions, including the securities sector, thereby assisting in maintaining the integrity of the country’s financial system,” he said.

“On the other hand, technical training for various investigating entities is ongoing, including the recently completed Capacity Building Support in the area of risk based anti-money laundering and countering financing of terrorism, which was funded by the World Bank,” he added.

This comes amid indications that additional capacity building support will be received from the United Nations Office on Drugs and Crime for the period to 2018.

The African region’s economy is under threat from vices emanating from money laundering and terrorism financing.

Vice President Emmerson Mnangagwa recently said cross border criminal activities such as money laundering and financing of terrorism have negative effects on social amenities as resources end up being channelled towards state security.

“We now live in a world where terrorism has become a concern for us all. Resources have to be directed towards security and defence leaving inadequate funding for social services including health and education,” he said.
Mnangagwa noted that terrorism and money laundering ride on technological developments and the damage they cause is incalculable.

“No one, no society, no nation or continent is immune to this threat. Riding on technological developments, improved transportation, cheaper communication platforms and globalisation of financial markets, terrorism has taken a new dimension in recruiting, reaching out, strategising, attacking, electronically transferring money and sharing knowledge with ease,” he said.

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