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The Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) is targeting manufacturers who refuse to accept Zimbabwe Gold (ZiG) or limit transactions in the local currency.
FIU is concerned that the actions of some players in the manufacturing sector could lead to fresh volatility in the exchange rate and inflation rate.
FIU Director General Oliver Chiperesa told <a href="https://businesstimes.co.zw/fiu-target-manufacturers-2/">Business Times</a> that several accounts of the offending manufacturers and suppliers have since been frozen. He said:
<blockquote>
We started this targeted exercise against manufacturers last week and we have frozen the accounts of several industry players and penalised them. They have paid penalties and we will monitor if they are now in full compliance.
We are targeting more and more this week as we act on reports we are getting from the retailers.
One area that remains of concern to us is some manufacturers and suppliers who still restrict the amounts of ZiG that they receive from downstream traders.
We are using both engagement and enforcement against them. We have already frozen the accounts of a handful of manufacturers and penalised them.
We are expecting compliance levels to continue to increase in that sector, which will in turn have a cascading effect down the supply value chain and ultimately benefit the consumers.
</blockquote>
Chiperesa cumulatively 534 accounts were frozen, and 161 were penalised for violating exchange control regulations. 12 foreign currency manipulators were caught between Monday and Tuesday this week.
He said that certain offenders will be barred from using financial services for a considerable amount of time.
An official from the country’s biggest lobby business group, the Confederation of Zimbabwe Industries (CZI) told Business Times that they were not charging exorbitant prices. Said the official:
<blockquote>
We are charging a price that allows us to continue producing, we can’t charge a price that will see us close shop again. There is a need to engage so that we can have a common understanding.
Manufacturers accused the FIU of harassing struggling companies to impose “price controls”.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Financial Intelligence Unit Targets Manufacturers

The Financial Intelligence Unit (FIU) is plotting a crackdown against individuals and companies allegedly involved in exchange rate manipulation.
When the Zimbabwe Gold (ZiG) currency debuted two weeks ago, the rate was ZiG13.56 per US$1, but illegal money changers are now trading at ZiG20: US$1.
FIU director Oliver Chiperesa told <a href="https://businesstimes.co.zw/fiu-plots-massive-crackdown/">Business Times</a> this week that the unit has identified wholesalers and manufacturers involved in exchange rate manipulation. He said:
<blockquote>
For our part as FIU, we have identified traders, especially wholesalers and manufacturers who are either not accepting ZiG or are putting an unjustified premium on the rate, and we are taking stern action on those.
We have given them a warning to comply by the end of the day today (Wednesday) after which we will be freezing their accounts and fining them.
Some are claiming they are still configuring their systems so are not yet accepting ZiG. We have told them that if it’s taking them that long to configure, they should stop trading until they are in a position to accept both currencies.
</blockquote>
Chiperesa said FIU is monitoring bank account activities to look for any infractions. He said:
<blockquote>
If we catch them, we will permanently freeze the illegal forex dealers’ accounts. We acknowledge that the parallel market is still there but generally, it is within the acceptable range of probably 10% of the official rate and that’s normal.
Whilst we don’t tolerate such issues, it’s still normal in an economy. But when we see some serious distortions we step in to investigate and take steps.
We are already in the streets before the money changers are too many in the streets, we don’t want to wait for the exchange rate to go beserk.
Apart from clearing them from the street, we are monitoring bank transactions so that we may identify red flags with some of the transactions occurring.
If we see transactions undertaken repeatedly in the same shop or outlet, we will permanently freeze those bank accounts.
We democratically allow people to open accounts with as many banks as one can but those with more than three accounts will certainly come under scrutiny.
When you see someone with four accounts there is something amiss, we will identify those as well. The dealers try to transact on many platforms to avoid being noticed but we are certainly now on them again on too many accounts.
</blockquote>
Zimbabwe Republic Police (ZRP) spokesman Assistant Commissioner Paul Nyathi last week said they were waiting for the go-ahead to launch the blitz on illegal money changers. He said:
<blockquote>
We are working together with the Reserve Bank of Zimbabwe to end this practice and the law will take its course without fear or favour.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Financial Intelligence Unit Plots Crackdown On Money Changers

The Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) says it will soon reign in businesses that are engaging in speculative behaviour thereby destabilising the market.
Some businesses are reportedly charging exorbitant rates above the 10% margin of the official exchange rate to cushion themselves amid a mounting financial crisis.
This comes as the difference between the official exchange rate and the street rate has widened significantly, with the latter rising to between ZWL$13000: US$1 and ZWL$15000:US$1. Last week the official rate was approximately ZWL$8600:US$1.
Oliver Chiperesa, director general of FIU, told <a href="https://businesstimes.co.zw/fiu-plots-crackdown/">Business Times</a> that businesses engaging in speculative behaviour will have their bank accounts frozen. He said:
<blockquote>
Unfortunately, we now need to intervene again to arrest the indiscipline and speculative behaviour.
We now have to intensify our surveillance and enforcement activities which we had scaled back since December.
All businesses found on the wrong side of the law will have their accounts frozen and will be penalised in terms of the law.
Apart from errant retailers, we will be particularly targeting some manufacturers and wholesalers who are being reported to us by the public.
Manufacturers and wholesalers sitting on top of the supply and pricing value chain are often guilty of triggering and fueling forward exchange rate setting, forcing retailers to do the same.
We are aware of businesses and individuals who are always ready to take advantage of any slight movement in the rates to engage in forward exchange rate setting which is why you see some going as high as ZWL$13 000 and ZWL$15000.
</blockquote>
The Zimbabwe dollar has never been stable since it was re-introduced through the back door as bond coins in 2016.
Zimbabweans prefer the more stable United States dollar (USD) and to a lesser extent the South African rand as both a medium of exchange and a store of value.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Financial Intelligence Unit Plots Crackdown On Errant Businesses

The Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) says it has increased surveillance on car dealers as the car dealership industry is at high risk of money laundering.
Speaking to <a href="https://www.sundaymail.co.zw/fiu-police-go-after-car-dealers">The Sunday Mail</a>, FIU director-general Oliver Chiperesa said Zimbabwe is estimated to be losing between US$1 billion and US$1.5 billion through money laundering. He said:
<blockquote>
However, there is no international standard on car dealers but countries are left to add sectors they feel are at high risk of money laundering.
As for us, we added the car dealership sector as one of the areas where money laundering could be taking place.
So, at the moment, we actually don’t have a register to say who the registered car dealers in Zimbabwe are because we don’t have a regulatory authority that registers them. I think that’s going to be the starting point, so we still have a lot to do…
So, the next step is to make sure that they are registered and regulated by someone who is not FIU. FIU only comes to deal with the anti-money laundering aspect…
</blockquote>
Chiperesa said there should be records of every car sold so that it becomes easier to flag any suspicious transactions. He said:
There needs to be records of every car sold. It will be easier to follow up when records are maintained and suspicious transactions are reported. Sometimes, the transactions are not recorded because we use cash.
<blockquote>
At least, the easy thing about buying houses is that we can go to check at the Deeds Office when ownership changes, but with vehicles, one can buy a vehicle and not change ownership.
</blockquote>
Zimbabwe Republic Police acting commanding officer for the Commercial Crimes Division (Northern Region) Superintendent Godwin Mvurume said:
<blockquote>
We have adopted what we call the follow-the-money concept. Financial crime is a financial benefit. The benefit is money.
We are trying to follow the money and engage the courts in order to freeze and seize assets.
The car dealers are reluctant to supply information… We are engaging FIU so that we come up with a workable solution.
</blockquote>
Money laundering refers to the illegal process of making unlawfully obtained money appear legitimate.
It typically involves a series of financial transactions that disguise the true origin of the funds, making them appear to come from a legitimate source.
Money laundering is commonly associated with criminal activities, such as drug trafficking, corruption, fraud, and organized crime.
The purpose of money laundering is to conceal the illegal origins of money and integrate it into the legal financial system, making it difficult for authorities to trace and identify the proceeds’ true source.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Car Dealership Industry At High Risk Of Money Laundering - RBZ

The Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) has warned members of the public against investing in Ponzi and Pyramid schemes.
This follows the arrest of a Chinese national, Zhao Jiaotong, believed to be the brains behind E-Creator, a Ponzi scheme that defrauded thousands of Zimbabweans of their hard-earned cash.
On Thursday, 13 July, Zimbabwe Republic Police (ZRP) Senior Staff Officer (Press and Public Relations), Assistant Commissioner Paul Nyathi confirmed Zhao’s arrest on fraud allegations.
In a statement issued on Friday, 14 July, FIU said it had noted with concern the proliferation of Ponzi and Pyramid schemes in Zimbabwe. Reads the statement:
<blockquote>
The Financial Intelligence Unit (FIU) notes with concern the proliferation of Ponzi and Pyramid schemes in the country.
These schemes come in various forms and guises, designed to mask their fraudulent nature and lure people into parting with their hard-earned money.
The schemes share certain common characteristics which members of the public are advised to look out for.
Under such schemes, people are typically asked to invest a sum of money and are promised unrealistic returns/profits, either without being asked to do anything else (Ponzi schemes) or being required to actively recruit new members/investors (pyramid schemes).
In either case, funds from new investors/recruits are used to pay the earlier investors as well as the originators of the scheme.
Sooner or later, the scheme will run out of new investors/recruits and inevitably collapses, with the majority of the investors unable to recover their funds.
As such schemes are illegal and unregulated, it is usually difficult for victims to get satisfactory recourse to recover their money.
The Reserve Bank of Zimbabwe has in the past issued warnings to the public against investing in such schemes.
In light of a recent surge in the activities of such schemes, the FIU wishes to reiterate the warnings.
Members of the public are urged to be wary of such fraudulent schemes and, in particular, to look out for the following red flags:
<ul>
<li>Any entity inviting investments when they are not a registered or regulated financial service provider; or</li>
<li>Promises of super profits/returns that cannot conceivably be earned through known legitimate economic activities; or</li>
<li>Investment schemes that predominately exist on WhatsApp groups and similar social media platforms but have little or no physical visibility in the form of permanent offices.</li>
</ul>
</blockquote>
A Ponzi scheme is a fraudulent investment operation where the operator pays returns to its investors from their own money or from the money paid by subsequent investors, rather than from any actual profit earned.
The scheme relies on attracting new investors and using their investments to provide returns to earlier investors.
The scheme is named after Charles Ponzi, an Italian-born swindler who became notorious in the early 20th century for running such a scheme.
Ponzi promised investors high returns on investments in international postal reply coupons, but he was actually using the money from new investors to pay off earlier investors.
In a pyramid scheme, participants make money primarily by recruiting new members who make payments to those above them in the pyramid structure.
The structure of a pyramid scheme resembles a pyramid, where the initial recruiter sits at the top and recruits a level of individuals below them.
Each person recruited is then encouraged to recruit more people, forming subsequent levels beneath them.
As the pyramid grows, each level becomes larger, and participants are promised increasing rewards as they move up the pyramid.
However, pyramid schemes are unsustainable and eventually collapse. The recruitment of new members becomes difficult, and those at the bottom of the pyramid are unable to find enough recruits to recover their initial investment.
Only a small number of people at the top benefit from the scheme, while the majority of participants lose their money.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Don't Invest In Ponzi/ Pyramid Schemes, Financial Intelligence Unit Tells Zimbabweans

The Financial Intelligence Unit (FIU), the Zimbabwe Republic Police (ZRP), and the Zimbabwe Anti-corruption Commission (ZACC) have intensified investigations into eight individuals implicated in the Al Jazeera Gold Mafia four-part documentary series.
This comes amid concerns that Zimbabwe risks violating the strict regulations of the Financial Action Task Force (FAFT), an international policy-making and standard-setting body dedicated to combating money laundering and terrorist financing.
Zimbabwe has made the necessary reforms to address its money laundering and terrorist financing weaknesses and has been removed from the grey list by FAFT.
FIU director general Oliver Chiperesa told <a href="https://businesstimes.co.zw/gold-mafia-fiu-police-intensify-probe/">Business Times</a> that they are working with law enforcement agencies to identify assets and analyse transactions to establish possible links to crime. He said:
<blockquote>
The interim measures were also taken while monitoring and analysing the documentary episodes as they came out to see if there was further information that could potentially be used in criminal investigations.
After all the episodes, we are now sitting down with other relevant agencies and evaluating what is available, and deciding on the next course of action.
The FIU will not make a decision alone but in close consultation with law enforcement agencies as we always do.
</blockquote>
FIU has ordered the freezing of assets and accounts belonging to Ewan McMillan, Kamlesh Pattni, Uebert Mudzanire (aka Angel), and Simon Rudland. Said Chiperesa:
<blockquote>
The freezing is not a seizure of the funds or assets but simply an interim measure and a precaution to ensure that potential proceeds of crime are not disposed of or transferred before law enforcement agents can commence possible investigations.
It is important to emphasise that what is there at the moment are largely allegations and suspicions.
</blockquote>
Angel, who is President Emmerson Mnangagwa’s special envoy and ambassador-at-large to Europe and the Americas, and a preacher, was secretly filmed by undercover Al Jazeera reporters offering to use his diplomatic cover to launder large volumes of cash into Zimbabwe as part of a gold smuggling operation.
He and his side-kick Rikki Doolan were also seen repeatedly name-dropping President Emmerson Mnangagwa’s name.
The United Kingdom’s upper house of Parliament, the House of Lords, wants the British government to probe the allegations of criminal activity against its citizen, Angel.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Gold Mafia: Financial Intelligence Unit, Police Intensify Investigations

The  Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) says it has fined over 300 firms in the past 18 months for fuelling illegal foreign currency activities on the parallel market.
FIU director general Oliver Chiperesa told Business Times that some firms “dump” their proceeds onto the parallel market in search of scarce US dollars, thereby destabilising the local currency and fanning inflation. He said:
<blockquote>
We have fined over 300 companies in the past 18 months over their participation in the illegal trading of foreign currency on the parallel market thereby influencing the exchange rate.
Since 2021 we have taken this administrative action against these companies to instill discipline.
</blockquote>
Early last year, FIU froze the bank accounts of several companies including Transervet, Powerspeed trading as Electrosales, Halstead Brothers, and Enbee. Said Chiperesa:
<blockquote>
As FIU we check the anomalies in the banking sector, that is where we monitor how the money was moved, what where you buying, whether is it a normal operating company, and does it have the services you require, if we see that there is no linkage and there is no normal business relationship with the two companies we pick it.
After that, we dig deep and analyse the findings as well as engage the parties, resultantly many have confessed to taking part in the parallel market.
If we are tough with every business that we find guilty, the economy will ground to a halt. That’s why we try to strike a balance.
The main reason why we try to deal with the issues at FIU level is that our criminal laws are a bit weak on that side as most issues we have referred to the police were not effectively dealt with.
</blockquote>
Chiperesa said FIU now has the power to freeze accounts for 90 days from the previous 14 days to give the police the time to investigate.
The penalties stretch to over ZWL$1 million per violation but sometimes the violations could be bigger and attract bigger penalties.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

FIU Fines 300 Firms Over Parallel Market Activities

The Reserve Bank of Zimbabwe Financial Intelligence Unit (FIU) has frozen the assets of four officials who were caught on camera confessing that they are involved in gold smuggling, money laundering, bribery and other corrupt activities.
In a memo seen by <a href="https://www.herald.co.zw/gold-mafia-suspects-assets-frozen/">The Herald</a>, the FIU directs that the assets of Cleopas Chidodo, David Chirozvi, Mehlululi Dube and Fredrick Kunaka be frozen.
The four individuals were featured in a documentary by Al Jazeera titled “Gold Mafia” and were filmed by undercover journalists who posed as investors revealing how they facilitate gold smuggling and money laundering. Reads the FIU memo:
<blockquote>
You are being directed to immediately identify and freeze all assets of the following individuals; Cleopas Chidodo, David Chirozvi, Mehlululi Dube and Fredrick Kunaka.
May you also freeze all assets of legal persons and arrangements associated with them. Kindly treat this request as urgent.
</blockquote>
Chidodo is the Civil Aviation Authority of Zimbabwe Head of Security. He appeared in Episode 2 of the documentary explaining how he assists gold smugglers avoid detection at the Robert Gabriel Mugabe International Airport.
Chirozvi is the Reserve Bank of Zimbabwe’s Aurex Jewellery Head of Finance.
Kunaka is the General Manager of Fidelity Printers and Refiners. He told the undercover reporters that he received a kickback of US$30 000 a month from the “Gold Mafia”.
Dube, who is associated with Golden Beryl Private Limited, was allegedly being paid US$3 000 per month by the gold smuggling syndicate.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

RBZ Freezes Four "Gold Mafia" Suspects’ Assets

The Financial Intelligence Unit (FIU) has reportedly commenced investigations into individuals implicated in money laundering activities and illicit gold dealings in Al Jazeera’s documentary revealing alleged criminals driving gold smuggling and money laundering worth billions of dollars in Southern Africa.
Last week the Insurance and Pensions Commission (IPEC) launched investigations into Uebert Angel and Ewan Macmillan in a bid to ascertain the assets they own as well as the duo’s recent transactions.
Angel, who is President Emmerson Mnangagwa’s special envoy and ambassador-at-large to Europe and the Americas, and Macmillan are both mentioned in the Al Jazeera documentary as part of an alleged band of money launderers.
<a href="https://www.newzimbabwe.com/financial-intelligence-unit-widens-probe-into-individuals-fingered-in-gold-mafia-documentary/">NewZimbabwe.com</a> reported a highly placed source in the FIU as saying the investigation nets have been widened. Said the official:
<blockquote>
The scope of investigations has now been widened to target every individual featured in the documentary in order to establish their financial activities in a bid to ascertain the magnitude of their misconduct if any.
These measures are in a bid to ensure that Zimbabwe, which was recently removed from the grey list of the Financial Action Task Force (FATF) in March 2022 after being deemed compliant in upholding the required global anti-money laundering banking standards.
So authorities now need to know whether these people have at any given time laundered money into Zimbabwe and how they managed to navigate while circumventing the regulatory measures in place.
There is suspicion that there could have been enablers within the rank and files of authority.
Plans are that if unearthed, the appropriate course of law must take effect both within and beyond the borders.
</blockquote>
Individuals mentioned in the documentary include Angel’s personal assistant Rikki Doolan, Simon Rudland, Henrietta Rushwaya, Alistair Mathias and Kamlesh Pattni.
More: <a href="https://www.newsday.co.zw/local-news/article/200009522/ed-demands-re-run-in-violence-hotspots">Pindula News</a>

Financial Intelligence Unit Investigating Individuals Fingered In Gold Mafia Documentary

The Reserve Bank of Zimbabwe (RBZ)’s Financial Intelligence Unit (FIU) says it has blacklisted six contractors that were doing business with the Government for trading on the foreign currency black market.
The FIU has also frozen the bank accounts of five leading wholesalers for overcharging.
Speaking to State media, FIU director-general Oliver Chiperesa warned that they take stern action against companies involved in the parallel market. He said:
<blockquote>
So far, we have identified six or so (contractors) that we have taken action against, including referring to the Ministry (of Finance and Economic Development) for blacklisting. We expect the stability to continue.
I think Government suppliers are no longer really getting involved in the parallel market because they are aware of the consequence.
It’s only a few that are still doing it and we have taken stern action against those by freezing their accounts and referring them to the ministry.
So, following the action taken by the ministry last year, we continue to refer more companies periodically, as and when we find them.
</blockquote>
Last year, the Government blacklisted 19 suppliers and contractors for trading on the foreign currency black market.
Chiperesa said the FIU has frozen the bank accounts of five leading wholesalers for overpricing through forward pricing. He said:
<blockquote>
We are not confining ourselves to the parallel market drivers only, but also to wholesalers who are overcharging.
So far, in the last two weeks, we have frozen the accounts of five major retail and wholesale shops pending further investigations.
We are continuing with our work. Our teams are out there identifying more companies and entities that are doing the same.
There is really no excuse for the companies to be using parallel market rates at all at this stage with the near convergence that we have enjoyed over the last few months between the parallel market and official rates.
It’s just greediness that is driving some of these companies to do that.
</blockquote>
Some companies that are reportedly mopping up US dollars on the black market are understood to be also benefitting from the RBZ foreign currency auction market. | <a href="https://www.sundaynews.co.zw/rbz-blacklists-companies-11-firms-sanctioned-over-black-market-deals-overpricing-same-firms-reportedly-benefitting-from-rbz-auction/">The Sunday News</a>

RBZ Sanctions 11 More Companies Over Black Market Deals

Statement by the Minister of Finance and Economic Development, Mthuli Ncube on Blacklisting of Contractors channeling Funds to the illegal Foreign Currency Market:
<h2>BLACKLISTING OF CONTRACTORS WHO CHANNEL FUNDS TO THE ILLEGAL FOREIGN EXCHANGE MARKET</h2>
<h2>BACKGROUND</h2>
1. Government continues to implement informed bold measures in an endeavor to promote stability and position the economy on a sustainable growth trajectory. The measures being implemented are in sync with the announcements by his Excellency the President on 7 May 2022 which managed to instill discipline and curb speculative behaviour.
2. Subsequent supportive policy measures from the Ministry of Finance and Economic Development and the Reserve Bank of Zimbabwe during the course of the year have signaled to the market, Government’s utmost commitment to maintaining price stability, and restoring market discipline, which in turn will engender market confidence.
3. You may be aware that on the 18th of August 2022, the Ministry issued a statement advising the public regarding the institution of a Value for Money Process on all payments to suppliers and contractors to Central Government, Departments and Agencies. After a careful analysis, it was observed that certain pricing behaviours and trends in the supply chain to Government Agencies and Ministries pointed to weaknesses in the procurement framework, and that these loopholes contributed to distorted pricing practices by the market and effectively fueled inflation in the economy. A Value for Money’ exercise is underway to strengthen procurement systems and to improve management of payment cycles for Government contracts.
<h2>CONTRACTORS CHANNELING FUNDS TO THE ILLEGAL FOREIGN CURRENCY MARKET</h2>
4. It has been observed that some contractors after passing through the Value for Money process and having received their payment from government still tend to siphon their proceeds into the parallel market thereby causing domestic inflationary pressures.
5. In this regard, this statement today is to give an update on findings from the work conducted by the Financial Intelligence Unit (FIU) on monitoring payments made to Government suppliers as well as measures to deal with non-compliant Contractors with a view to plug parallel market dealing.
6. A total of 19 companies have been identified by the FIU to be involved in this unlawful conduct are as follows:
i. Nariox (Pvt) Ltd
ii. New Age Marketers (Pvt) Ltd 
iii. Pepwit Investments (Pvt) Ltd
iv. Tirumi Investments (Pvt) Ltd
v. Mwendo Africa (Pvt) Ltd 
vi. Alg World Investments (Pvt) Ltd 
vii. Lobmer Investments (Pvt) Ltd 
viii. Nisbank Investments (Pvt) Ltd
ix. Sailgroom Enterprises
x. Wayvar Investments 
xi. Poweride Safaris 
xii. Azelion Energy (Pvt) Ltd
xii. Blackdeck (Pvt) Ltd 
xiv. Paza Buster (Pvt) Ltd 
xv. Redan Coupon (Pvt) Ltd 
xvi. The Best Car Rental 
xvii. The Legacy Car Rental 
xviii. Josam Enterprises (Pvt) Ltd 
xix. Construction Warehouse (Pvt) Ltd
7. The FIU has noted that upon receiving their payments, the companies would engage in spontaneous illegal foreign currency transactions through buying foreign currency from individuals and entities. It was also noted that some of the companies would engage in transactions which are not related to their line of business. Some would also purchase fast moving consumer goods from various manufacturers and the goods would then be sold exclusively in foreign currency.
8. In view of the above, and in an endeavor to maintain sanity in the foreign currency market and to curb inflation, Government is left with no other option than to blacklist the mentioned companies. The Procurement Regulatory Authority of Zimbabwe (PRAZ) will be advised accordingly, to blacklist these entities from doing business with Government.
9. The Government of Zimbabwe remains committed to maintaining macroeconomic stability and the elimination of harmful and destabilizing arbitrage conditions that have pervaded the economy at the expense of the generality of citizens.

FULL TEXT: Govt Names And Blacklists 19 Companies For Illegal Forex Deals

The Reserve Bank of Zimbabwe (RBZ)’s Financial Intelligence Unit (FIU) has summoned retailers and manufacturers to a meeting on “unjustified” price hikes.
This follows revelations that some leading companies are getting foreign currency from the auction but pegging prices using black market rates.
Financial Intelligence Unit (FIU) director-general Oliver Chiperesa confirmed the planned meeting to The Sunday Mail. He said:
<blockquote>
The FIU has summoned leading manufacturers and retailers to a meeting to be held on July 19, 2022, to discuss and put a stop to the practice.
This will be followed by an intensive blitz where the FIU will partner with law enforcement agencies to identify and take legal measures against the culprits.
</blockquote>
Chiperesa said pegging prices at parallel market rates was illegal under the Exchange Control Act as well as Bank Use Promotion Act, as read with Statutory Instrument 118A of 2022.
Meanwhile, Confederation of Zimbabwe Industries (CZI) president Kurai Matsheza said he will be able to comment after the meeting.
According to a survey conducted by The Sunday Mail in Harare last week, several leading retailers were breaking the law.
A leading fast-food outlet, whose parent company received more than US$200 000 from the auction last month, was reportedly selling a two-piecer chicken meal for US$4.
Shop attendants claimed they were using the US$1/$400 exchange rate, which implied the cost of the meal was supposed to be $1 600.
However, The Sunday Mail team swiped it for $2 400, translating to a US$1:$600 exchange rate.
One pharmacy in the capital was reportedly using a US$1:$800 exchange rate while some shops in downtown Harare were selling products exclusively in US dollars.
Confederation of Zimbabwe Retailers (CZR) president Denford Mutashu urged companies to comply with the law. Said Mutashu:
<blockquote>
The retail and wholesale sector must obey the law and give us an opportunity to seek redress in areas that each of the members may feel aggrieved about.
We have got to comply with the law and continue to engage with authorities.
</blockquote>
<h4>More: <a href="https://www.sundaymail.co.zw/rbz-summons-retailers-manufactures">The Sunday Mail</a></h4>

RBZ Summons Retailers, Manufacturers Over "Unjustified" Price Hikes

A Harare man has had some US$300 000 frozen in a local bank after he failed to reveal the identity of the originator of funds as required under the Money Laundering and Proceeds of Crime Act (Chapter 9:24).
The law empowers authorities to identify, freeze, seize and eventually confiscate proceeds of all serious crimes and terrorist acts.
Meshack Mudyariwa approached the High Court seeking to have NMB bank unfreeze the money that was deposited into his account in March last year.
Mudyariwa failed to explain the source of the funds prompting NMB to freeze his account in line with the law after realising that it could have been laundered.
The matter has since been reported to the Financial Intelligence Unit of the Reserve Bank of Zimbabwe and the police.
In his application at the High Court, Mudyariwa insisted that NMB Bank was holding his money for no reason, saying the money was legitimate.
However, High Court judge, Justice Jacob Manzunzu, last week ruled the money should remain frozen, saying Mudyariwa had failed to reveal its source. Said the judge:
<blockquote>
It will be self-defeating for the respondent while making efforts to comply with the law, to take no action to freeze the account.
What that would practically mean is that the applicant would withdraw all the money, irrespective of the outcome of the investigations.
The matter has been reported to the Intelligence Unit and the police and is said to be under investigation.
It will be inappropriate at this stage to order the respondent to unfreeze the account.
In any event, while the applicant has shown a clear right over the account, and the possible injury he will suffer, he has not shown the absence of an alternative remedy.
An alternative remedy lay with the applicant for the review of the decision taken by the respondent.
Such a remedy gives him similar protection. In any event, had the applicant assisted with the identity of the originator of funds as required by the Act, that will stand as an alternative remedy.
</blockquote>
<h4>More: <a href="https://www.newzimbabwe.com/man-fails-to-account-for-us300-k-money-locked-in-a-bank/">NewZimbabwe.com</a></h4>

Harare Man Fails To Explain Source Of US$300 000, Bank Freezes His Account

The Financial Intelligence Unit (FIU) is set to recruit more than 20 financial crimes experts to augment its staff complement of 27 permanent workers.
The FIU, which falls under the Reserve Bank of Zimbabwe (RBZ), plans to recruit 19 experts in forensic auditing and accounting as well as other specialists.
In recent years, the FIU has been fighting to curb financial crimes such as illegal foreign currency trading and abuse of the foreign currency auction system.
Speaking to The Sunday Mail, FIU director-general Oliver Chiperesa said non-bank financial institutions are yet to reach the required level of compliance.
Non-banking organisations include law firms, accounting firms estate agents, casinos and precious stone dealers, among others. Said Chiperesa:
<blockquote>
Unlike banks, which have in place stronger controls, most of these other sectors have not yet reached the level of compliance that we want them to be at.
They submit far fewer suspicious transaction reports than they should.
So with increased FIU capacity, we will see more and more transactions being reported by other sectors instead of the current status where it is mostly banks that report.
</blockquote>
Chiperesa added that strengthening the FIU’s capacity to fight crime should be accompanied by enhancing the capacity of other law enforcement agencies.
<h4>More: <a href="https://www.sundaymail.co.zw/fiu-hires-experts-in-economic-crimes-fight">The Sunday Mail</a></h4>

Financial Intelligence Unit To Recruit Financial Crime Experts

The Financial Intelligence Unit (FIU) has directed financial institutions to immediately report any attempted withdrawals or transfers of funds by four business entities unless with the specific approval of the FIU.
The four firms have been identified as Geribrian T/A Transervet, Powerspeed Investments PVT LTD T/A Electrosales, Halsted Brothers PVT LTD and Enbee Store.
In a memorandum to all banks, FIU Director-General, Tichafa Chigaba, said they have noted unusual activity by the named business entities. Added Chigaba:
<blockquote>
As we carry out further investigations on possible money laundering relating to the funds, you are directed to freeze the account with immediate effect and you shall not process any withdrawals or transfers from the accounts, unless with the specific approval of the Unit. You should, however, allow deposits or other flows into the account.
You shall immediately report to the Unit any deposit or other inflow into the account as well as any attempted withdrawal or transfer from the account.
Please acknowledge receipt of this directive in writing, confirming that you have frozen the account and confirming the account balance as at the date of freezing.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/FMSweBVWUAQlyab?format=jpg&amp;name=900x900"/>
</blockquote>
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

FIU Targets Four Businesses Suspected Of Money Laundering

The Reserve Bank of Zimbabwe has said the Financial Intelligence Unit is investigating a video clip circulating on social media showing a man bragging whilst displaying sealed packs of $5 notes.
<a href="https://news.pindula.co.zw/2020/05/04/watch-money-changer-brags-after-getting-crisp-new-5-notes/" rel="noopener noreferrer" target="_blank">The video clip surfaced on social media platforms on Monday, with the man, believed to be a money changer, waving wads of crisp banknotes</a>.
The RBZ statement read:
<blockquote>The Reserve Bank of Zimbabwe has noticed with great concern a video clip circulating on social media showing a man bragging whilst displaying sealed packs of $5 notes. The Bank has referred the matter to the Financial Intelligence Unit for investigation.</blockquote>
Zimbabwe has been in the grip of a debilitating cash crunch which started over four years ago following the government’s decision to introduce a surrogate currency, the bond note.
The quasi-currency has, since its introduction in 2016, morphed into the RTGS dollar and finally, the reincarnated Zimbabwe Dollar but has remained scarce with members of the public having to “buy” the currency from illegal money dealers.

Financial Intelligence Unit Launches Investigation Into Bragging 'Money Changer' Video Clip

The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe" rel="noopener noreferrer" target="_blank">Reserve Bank of Zimbabwe</a> has issued a stern warning against those it calls currency manipulators who are putting pressure on the forex market intending to destabilise it.
The central bank said it has escalated the issue with the FIU to investigate and freeze the accounts of those involved.
The RBZ posted a statement on Twitter, which read:
<blockquote>It has come to the attention of the Bank that there are some exchange rate manipulators that are exerting pressure on the forex market with the intention of destabilizing the stability that the country has been experiencing over the past four months.
Such malpractice is not warranted as money supply has remained under control for the past five months.
The matter has been escalated to the Financial Intelligence Unit that is proceeding to investigate and freeze the accounts of those upsetting the market.</blockquote>
<h4>More: <a href="https://twitter.com/ReserveBankZIM/status/1220611808744103936" rel="noopener noreferrer" target="_blank">@ReserveBankZim</a></h4>

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