By Romeo Takundwa
Government has approved the proposed amendment of the Money Laundering and Proceeds of Crime Act in a bid to curb the abuse of public funds and enable the tracing, freezing and seizure of illegally acquired wealth.
Speaking during the post cabinet media Briefing, Tuesday, Information Minister, Monica Mutsvangwa said, “The nation is advised that the Money Laundering and Proceeds of Crime Act will be amended to include proliferation financing, as well as cooperation and coordination among relevant authorities to ensure compatibility of money laundering, counterfeiting Terrorism and Proliferation Financing requirements with Data Protection and Privacy rules.
“Cabinet reports that the Money Laundering and Proceeds of Crime Act will be amended in order to provide for identification and assessment of money laundering and terrorist financing risks that may arise in relation to Virtual assets, acts and the activities.”
She also added that the Act will allow supervisors of Virtual Asset Service to provide some legal basis for exchanging information with their foreign counterparts.
“The Act will be amended to ensure that sanctions are also applicable to Virtual Asset Service Providers, their directors and senior management. Amendments to the Act will also be made to ensure that Virtual Asset Service Providers comply with set preventive measures.
“Furthermore, amendments will be made to allow supervisors of Virtual Asset Service Providers some legal basis for exchanging information with their foreign counterparts,” she added.
Reserve Bank Governor Dr John Mangudya recently said the country has lost over US$500 million in illicit financial flows.
He added that that’s a significant amount of money in a country with an annual budget of 4 billion dollars.
Govt okays Money Laundering and Proceeds of Crime Act amendment
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