Zim Upgraded To Anti-Money Laundering Compliant Status

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By Alois Vinga

THE Financial Action Task Force (FATF) has upgraded Zimbabwe to an Anti-Money Laundering (AML) compliant status, a development which will further enhance the nation’s financial markets status.

Zimbabwe was placed on the FATF’s “grey list” in October 2019, following a mutual evaluation process that identified a number of deficiencies in the country’s implementation of the AML/CFT Standards.

But following an on-site valuation exercise carried out in January 2022, the FATF, on March 4, announced Zimbabwe’s removal from the list of countries that are considered to be insufficiently compliant in implementing AML and Counter Financing of Terrorism (AML/CFT) standards.

Speaking on the latest development, Finance and Economic Development minister, Mthuli Ncube hailed the efforts by the key  actors which resulted in the positive ratings.

“I commend the National Task Force on AML/CFT comprising the Treasury, the Financial Intelligence Unit (FIU), the Reserve Bank of Zimbabwe and over 80 stakeholders drawn from both the public and private sectors on the successful implementation of the FATF Action Plan, whose contributions culminated in the de-listing of the country from the “grey list”,” he said.

Adherence to the AML/CFT standards enhances the country’s image as a safe destination for investment; strengthens the domestic financial sector and builds on the confidence stakeholders have in Zimbabwe as a committed and responsible member of the global financial ecosystem.

“This continues to recognise the growing list of achievements by the Second Republic, under the leadership of His Excellency, the President Emmerson Dambudzo Mnangagwa,” said Ncube.

He said that the fight against money laundering and terrorism financing  remains an ongoing process, which shall not end with the country’s exit from the “grey-list”.

“My Ministry, which is responsible for overall AML/CFT oversight, will continue to provide all the necessary support to the FIU and to ensure continuous enhancement of the country’s capacity to combat money laundering and related financial crimes, for the good of the Zimbabwean economy,” added Ncube.