Zim removed from anti-money laundering list
Africa Moyo–Deputy News Editor
Zimbabwe has been removed from the list of countries considered to be insufficiently compliant in implementing Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) standards.
The removal was announced by the Financial Action Task Force (FATF) on March 4, following an on-site evaluation exercise done in January this year.
In a statement today, Finance and Economic Development Minister Professor Mthuli Ncube confirmed Zimbabwe’s removal from the “grey list”.
Zimbabwe was placed on FATF’s “grey list” in October 2019, following a mutual evaluation (assessment) process that identified a number of deficiencies in the country’s implementation of the AML/CFT standards.
Prof Ncube said the removal from the FATF’s grey list was yet another vote of confidence by the international community, which continues to recognise the growing list of achievements by the Second Republic under President Mnangagwa.
“I commend the National Task Force on AML/CFT comprising the Treasury, the Financial Intelligence Unit (FIU), the Reserve Bank of Zimbabwe and over 80 stakeholders drawn from both the public and private sectors on the successful implementation of the FATF Action Plan, whose contributions culminated in the de-listing of the country from the ‘grey list’,” he said.
“Adherence to strict AML/CFT standards is not just a compliance requirement, but enhances the country’s image as a safe destination for investment; strengthens the domestic financial sector, and builds on the confidence stakeholders have in Zimbabwe as a committed and responsible member of the global financial ecosystem.
“The fight against money laundering and terrorism financing therefore, remains an ongoing process, which shall not end with the country’s exit from the ‘grey-list’.”
Prof Ncube said his ministry, which is responsible for overall AML/CFT oversight, will continue to provide all the necessary support to the FIU and ensure continuous enhancement of Zimbabwe’s capacity to combat money laundering and related financial crimes, for the good of the economy.
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