The Reserve Bank of Zimbabwe (RBZ) yesterday named and shamed foreign currency abusers and banned them from using local cellphone lines for the next two years.
In a statement yesterday, the RBZ released 30 names of illegal foreign currency dealers who were promoting and facilitating illegal foreign exchange transactions and money laundering activities. The RBZ published names, national ID numbers and mobile phone numbers of the 30 perpetrators of illicit financial deals.
“The Financial Intelligence Unit (FIU) has identified individuals listed hereunder who are abusing mobile telecommunications services and other social media platforms to promote and facilitate illegal foreign exchange transactions and money laundering activities,” read the statement from the RBZ.
The RBZ also directed banks, mobile money operators and other financial service providers to identify and freeze accounts operated by these shamed individuals and further bar them from accessing financial services for a period of two years.
The RBZ through the FIU further requested the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) to bar the listed individuals from operating mobile phone lines.
The Bank said it would continue to take action against unscrupulous foreign currency dealers.
“The FIU, in collaboration with law enforcement agencies, will continue to monitor various social media and bank accounts to identify and take action against perpetrators of illicit dealings. Over and above the corrective measures of barring the delinquent individuals from accessing banking and financial services and operating mobile phone lines, the FIU has forwarded their names and particulars to law enforcement agencies for prosecution,” said RBZ in a statement.
The black market rate had been fluctuating at an alarming rate and last week RBZ Governor, Dr John Mangudya said that the mismatch between the official exchange rate and the black market rate was not due to weak fundamentals but as a result of sentiment by some individuals who wanted the exchange rate to be volatile so that the Government would be blamed for that.