A TEAM from the Financial Action Task Force (FATF) is expected in the country next week to discuss the implementation modalities of legislative systems as Zimbabwe moves to insulate itself against money-laundering and financial terrorism.
Last year, Zimbabwe participated at the Anti-Money Laundering and Combating the Financing of Terrorism conference. The developments included ratifications of relevant conventions and protocols, enactment of new laws, revision of existing ones, as well as gazetting of requisite regulations.
Finance minister Patrick Chinamasa said in his National Budget the evaluation done on Zimbabwe by FATF at its plenary meeting held in France in October last year that Zimbabwe was technically compliant.
“Pursuant to this a mission will be coming to Zimbabwe over the period 19-20 January 2015 to discuss further implementation modalities of legislative systems and institutional arrangements with various relevant stakeholders,” Chinamasa said.
Chinamasa said the Anti-Money Laundering and Combating the Financing of Terrorism National Risk Assessment’s objective is to identify, assess and understand money-laundering and terrorist financing risks facing the country.
The NRA process is being finalised by the National Task Force and a detailed report on combating illicit financial flows to and from the economy will undergo normal government approval processes in the first quarter.
The FATF monitors the progress of its members in implementing necessary measures, reviews money-laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally.
The FAFT in collaboration with other international stakeholders works to identify national-level vulnerabilities with the aim of protecting the international financial system from misuse.