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January 3, 2008

Zimbabwean banks instructed to comply with the law

by Richard Kilner

Story link: Zimbabwean banks instructed to comply with the law

Zimbabwean banks have been instructed by the Reserve Bank of Zimbabwe to report any suspect transactions and comply with the nation’s anti-money laundering laws.

On Monday, Governor Dr Gideon Gono spoke in Harare, stating that some banks, though they were aware of the law, were not adhering to it.

Dr Gono informed the banking sector of Zimbabwe that the time for talking and issuing circulars was over, and that once a bank was found to be operating against the law action would be immediately taken.

The policy, named Operation Sunrise 2, is a crackdown on money-laundering intended to rid the practice from Zimbabwe’s economy.

Certain bank officials were found to be denying cash to normal depositors, whilst releasing billions to cash barons. Elsewhere, dormant accounts were being reopened and used to funnel money.

Investigations have led to the dismissal of a number of banking staff recently, who were thought to be engaged in receiving kickbacks following cash deals.

The cash would then be sold on to individuals and organisations desperate for money, incurring a massive premium as high as 40%.

 

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