Police, FIU In Fresh Blitz Against Money Changers
The Zimbabwe Republic Police (ZRP) and the Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) have launched a renewed crackdown against illegal currency traders across the country.
According to The Herald, the joint operation has resulted in the arrest of numerous money changers this week. Most of the apprehended individuals are currently being interrogated and vetted, pending their court appearances.
ZRP spokesperson Commissioner Paul Nyathi confirmed the arrests, saying individuals and businesses should only engage in lawful financial transactions. He said:
This is an ongoing joint operation being conducted by police and the RBZ’s Financial Intelligence Unit. People should engage in lawful transactions and we are targeting those who are illegally trading in foreign currency and businesspeople transacting using exchange rates which are above the official rate.
We also have some supermarkets, pharmacies and small businesses which are also using exorbitant rates when transacting.
Certainly, action will be taken against all those involved in such activities or anyone using social media to illegally trade in foreign currency.
Police appealed for the public to report illegal money changers to the National Complaints Desk on telephone number (0242) 703631 or WhatsApp number 0712 800 197.
Under the initial phase of the crackdown operation, the authorities had arrested 224 illegal money changers by May, while the Financial Intelligence Unit (FIU) had also frozen 90 bank accounts.
Furthermore, the FIU imposed fines on more than 40 individuals found to be in violation of the Exchange Control Act.
Building on these efforts, on Wednesday, Finance, Economic Development and Investment Promotion Minister Mthuli Ncube announced that the government had blacklisted 51 contractors for unlawfully diverting payments they had received for supplying goods and services to the illegal foreign currency parallel market.
More: Pindula News
