Zim removed from anti-money laundering list Prof Ncube said this on Tuesday evening during a virtual interview with the Zimpapers Television Network from Davos, Switzerland, where he is attending the annual World Economic Forum.

Africa MoyoDeputy 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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