Sunday , June 13 2021

Dealers of unlawful currency to be imprisoned for 10 years – The Zimbabwe Mail



Harare, President Emmerson Mnangagwa, used temporary powers for a new law that will see that illegal currency traders are sentenced to ten years in prison, while bad wealth will be confiscated.

According to regulations that will come into force tomorrow, the Government will follow an inexplicable movement of money in the financial system.

The intervention of Mnangagwa – which involves the modification of the Control of Change and Laundering of Assets and Production of Criminal Acts – is through the constitutional provisions of the Temporary Measures Law.

Parliament must approve the law within six months to make it permanent.

The new law prescribes a penalty of maximum cost of 10 years for illegal currency traders and authorities may do so through the Statute of unexplained wealth orders to confiscate badly received funds.

The Zimbabwe Anti-Corruption Commission and the Zimbabwe Tax Authority were empowered to prosecute the perpetrators of financial crime.

Deputy Head Secretary of the President and the Cabinet (presidential communications) Mr. George Charamba yesterday told The Sunday Mail that President Mnangagwa had signed the law that will be presented tomorrow.

The minister of legal and parliamentary affairs, Ziyambi Ziyambi, said: "Our teams have been working tirelessly in the laws of recent weeks and the legislation is ready to prepare. It will be published through an Official State Gazette."

The Secretary of Justice, Ms. Virginia Mabhiza, said the new law illuminated gray areas that were being exploited by criminals to escape guilt.

"There were two legislative interventions that were made by his Excellence. The first is the modification of the Exchange Control Regulations (Exchange Control Law). The definition of" merchant "further clarifies to help legal officers interpret the law and also to the general public to appreciate the law.

"The second amendment is the Money Laundering Act (and proceeds of crimes) to provide unexplained wealth and the respective enforcement agents, where a public official or someone who previously can not consider the accumulated wealth in a suspicious way of being criminal. , "she said.

"The exchange control regulations have also been modified to introduce a presumption in which it is carried out in a determined manner to be responsible for the negotiation."

Mrs. Mabhiza said that unexplained wealth orders would give anti-crime entities such as the National Public Prosecutor's Office, Zacc and the Republic of Zimbabwe's Republican Police to take advantage of unexplained wealth.

"The president invoked his powers so law enforcement officers as police, NPA and Zacc have more teeth to force suspects to explain their wealth. All those who do not respond satisfactorily risk the loss of their assets or debts in your accounts.

"This instrument may be in force for six months. Within these six months, Parliament may use its powers to make the law permanent".

A legal expert involved in the drafting of legislation, which he chose to be anonymous, said that the regulations were in line with the best international practices.

"In the past it was difficult to do something for people suspected of corruption or those who did not have large amounts of money in their accounts.

"Authorities now have a firm foundation to make people's demands to account for their wealth. What this means is that Zacc, the police or Zimra can now go to a court to seek an order to force anyone to explain your source of wealth. In case there is no satisfactory explanation, that person is at risk of losing money that is in your account or properties that you should acquire through the suspicious treatment.

"This year, Britain introduced unexplained wealth orders with the idea of ​​fighting against white-collar crime and mafia-like corruption. These orders are served in anyone who is suspected of white-collar crime."

Last month, Mnangagwa ordered the Ministry of Justice to work quickly with the Attorney General to draft its regulations so that money lenders and cash handlers.

Mnangagwa marked the parallel activities of the market as a threat to national security that its administration would not tolerate.


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