ED tightens noose on cash barons

CASH barons who have been accused of fuelling parallel market currency rates and a raft of other economic ills will now face up to two years in prison if they fail to explain the source of their wealth, while street dealers also face arrest if they fail to explain their business at street corners to police officers.

BY OBEY MANAYITI

President Emmerson Mnangagwa

According to new regulations gazetted by President Emmerson Mnangagwa yesterday, police officers can randomly search or nab those that they suspect to be dealing in foreign currency from public places such as streets, roads, passages, parks or recreation grounds.

“If any authorised officer or police officer, acting to enforce section 4, finds any person frequenting, loitering in or lingering about any public place in circumstances that give rise to a reasonable suspicion that he or she is dealing in currency in contravention of section 4(1)(a), such a person may be required by the officer to give an explanation of his or her presence in or about the public place, and of his or her conduct thereat, and to produce to the law enforcement agent any identity document, and to show to the agent any currency or property in his or her immediate possession or under his or immediate control and to account to the agent of his or her possession or control of the same,” the regulations read in part.

The government published similar regulations last September, but there were no major arrests.

The new legislation says the High Court may grant an order in respect of any property with a value of over $10 000 that might be deemed ill-gotten.
According to the extraordinary gazette, the wealth must be explained only in terms of known sources of income.

The unexplained wealth can be frozen until a court determines otherwise.

“At the same time and before the same court that an application for an unexplained wealth order is made under section 37B, the applicant enforcement authority may apply for an interim freezing order in respect of all or part of the property that is the subject of the unexplained wealth order applied for,” the gazette reads.

The new law seeks to punish those who may give false information on the unexplained wealth by imposing a fine of $65 000 or imprisonment not exceeding two years.

However, there is room for compensation for those that are illegally affected by the freeze.

The government is battling to control ballooning foreign currency dealings that have seen the rise of cash barons exchanging mainly United States dollars at premiums outside those set by government.

The new regulations would be in effect for six months and require Parliament’s approval to become permanent.

12 Comments

  1. A chasing of the wind

  2. This is great news. Let everyone in leadership explain how they became rich when a good number came from the bush war with nothing to their names (some had criminal records from Rhodesia). Let’s start from 1980 and work our way to 2018. Let’s cover every area paratsatals incl ZBC/TV, Hwange, GMB, CMB, Air Zimbabwe, ZMDC, NOCZIM, Cottco, Seedco, Zimdef, Zimsec, Judges, Prosecutors, MPs, Governors, Ministers, VPS even current and past presidents. Tell us – a weh you get di money from bigger head?

  3. they will use their offices

  4. Haiwawo, kupiko, zvaED zvakaneta zvegazvega

  5. it is as good only before your corrupt officers start arresting innocent civilians extorting money from them in the guise of affecting section 4. Imagine waiting 5 mins and being arrested, who will vouch for you.

  6. Zvakadhakwa izvi. Kana uine mari yako hauchaidyi here. Arrest those who are stealing first.

  7. Yes whats to stop the corrupt police officers from planting on your person with the intention to arrest, iF this is a sincere move why not also put body cams your police man

  8. Enough of the BARKING!

    ED must first tell us the source of his wealth kwete kuda kutangira pakati.He is one of the richest fat cats around and he want to pretend as if he is a straight person.Young Zim soldiers died in DRC when Mnangagwa and his cronies were busy siphoning blood diamonds from DRC.All his henchmen know that their leader is the most corrupt person around thats why they dont stop their evil deeds because they know that if ED Exposes them,he will also be exposing himself.He supervised most of the abductions,killings and disappearance of most of the innocent people on behalf of his mentor Gushungo.He is just good at kungovukura achingovukura without any action.The only action he knows is to unbearable cause pain to his enemies ,real or perceived,not his fellow mafia thugs.Never!

  9. All smoke with no fire, externalisation list was sensionalised, fake arrests have been going on, blah blah!

  10. The beautiful ones are not yet born

    Dealing with symptoms here. This wont solve anything. Fix fundamentals issues and this will sought itself out. Trades can happen in homes and offices. Anyway there is nothing wrong in trading in the first place. This is a waste of time

  11. KKKKKKKKKK. dzimwe pfungwa sooka….. Hapana hapana. This so called new dispensation hahaha. Hazvisevenzi izvi. Is thia what Mthuli was calling free play of market forces? Welcome to Africa Mthuli. Why cant you resign pachi pedyo. You have everything to lose and they have nothing to lose.

  12. my many worry is does our government also look at what is happening on the ground or its closing eyes not to see the trueth.surely where do we get this foreign currency to purchase these ,eg cement is local product hardware shops are getting this product using bond,swipe or ecocash but we made to buy it using us dollar serious i’ve a quite a number shops here in bulawayo who have openely declared that they only trade in foreign currency. go to Bath and Boutic .BUY and BUILT quity a number of them surely these shops are now for foreigners only please close and let them pack and go back to USA or SA they dont belong here PLEASE PLEASE Government PROTECT your citezen.

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