By Shongedzai Mugwagwa
In a bid to position the country on solid ground that will enhance its domestic capability and capacity to respond effectively to the challenges associated with Money Laundering, Terrorist Financing and Financing of Proliferation (ML/TF/FP),Government has availed a 5 year Strategic Plan, the Harare Post can report.
The announcement was made yesterday during the post cabinet media brief of the second session held at the Munhumutapa offices.
In presenting the second report on Money Laundering, Minister of Finance and Economic Development, Professor Mthuli Ncube took the opportunity to launch the 2020-2025 Strategic Plan which seeks to address the challenges outlined in the report.
The launched 2020-2025 Strategic Plan presented is hinged on the proposed pillars and these are, “Awareness and capacity building, parallel financial investigations by law enforcement agencies, confiscation and forfeiture of criminal proceeds and beneficial ownership issues.”
The Strategic Plan came on the heels where President Emmerson Mnangagwa’s administration has upped its stake against corruption and money laundering cases.
Since 1999 Zimbabwe has been a member of the Eastern and Southern African Anti Money Laundering Group, a body whose object is to adopt and implement measures to combat money-laundering and the financing of terrorism and serious crime. By virtue of its membership, Zimbabwe is pledged to implement recommendations issued by an inter-governmental organisation called the Financial Action Task Force, whose 40 recommendations are regarded as representing international standards to which all states should aspire. Failure to implement the recommendations will lead to Zimbabwe being increasingly isolated from the international financial system.