Banks ordered not to quiz those returning externalised money, assets

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PEOPLE who are returning externalised funds and assets who should not be questioned, the Reserve Bank of Zimbabwe (RBZ) has instructed local banks.
This comes after President Emmerson Mnangagwa last month gave individuals and corporates a three-month moratorium to return any money and assets they may have externalised. 
The amnesty period runs from December 1 to the end of February next year.
In a statement, Governor John Mangudya said the RBZ had designed methods and administrative structures to cater for the returning of the loot.
Among those is a confidential report to be filed by those retuning the cash. 
“Pursuant to the amnesty in respect of illegally expatriated foreign exchange and assets (gold, precious stones, currency, securities) granted in terms of the Presidential Powers Temporary Measures (Amendment of Exchange Control Act Regulations, SI 145 of 2017) the Reserve Bank of Zimbabwe wishes to advise of the administrative arrangements that will apply for repatriation of the expatriated foreign exchange and assets during amnesty,” said Mangudya.
“The administrative arrangement will also apply to legitimately expatriated foreign exchange and assets…. illegally expatriated foreign exchange and assets should be declared to the bank or affected person’s bankers on a no questions asked basis,” said the RBZ boss.
He added, “An application for amnesty should be filled with the bank or through the affected person’s bankers and such application will be treated with confidentiality.” 
“The administrative arrangements will also apply to legitimately expatriated foreign exchange and assets,” he said.
“The bank requests all persons who may have legally expatriated foreign exchange and assets, for a variety of reasons, to declare such foreign exchange or assets as a way of promoting financial integrity and transparency, and also repatriate all such foreign exchange and assets for investment in the country.”
According to the statement, the amnesty covered those who exported currency above permissible limits, smuggling of gold and other precious stones, non-return of temporary exports disguised as exports samples. 
Also covered are those who manipulated imports and exports of properties for profiteering, as well as trade misinvoicing by importers to evade customs duties, among others.Advertisement