An Exploration of Selected Anti-Money Laundering Role-Players in Zimbabwe
Although Zimbabwe has established several institutions to combat money laundering and related crimes, there is a perception that inadequate measures are taken to apprehend offenders responsible for financial crimes. Institutions such as the Financial Intelligence Unit (FIU), the Zimbabwe Anti-Corru...
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| Format: | Article |
| Language: | Afrikaans |
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North-West University
2024-11-01
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| Series: | Potchefstroom Electronic Law Journal |
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| Online Access: | https://perjournal.co.za/article/view/19030 |
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| author | Howard Chitimira Elfas Torerai Vimbai Jana |
| author_facet | Howard Chitimira Elfas Torerai Vimbai Jana |
| author_sort | Howard Chitimira |
| collection | DOAJ |
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Although Zimbabwe has established several institutions to combat money laundering and related crimes, there is a perception that inadequate measures are taken to apprehend offenders responsible for financial crimes. Institutions such as the Financial Intelligence Unit (FIU), the Zimbabwe Anti-Corruption Commission (ZACC), the Zimbabwe Republic Police (ZRP), the National Prosecuting Authority (NPA) and the Reserve Bank of Zimbabwe (RBZ) have done little to prove that the government of Zimbabwe is resolute in combatting money laundering. On the contrary, it increasingly appears that these institutions are poorly equipped and lack the necessary capacity to enforce and uphold anti-money laundering (AML) measures in Zimbabwe. Further, there appears to be a selective application of the law, with one set of rules for individuals or institutions that are perceived as political adversaries of the incumbent establishment and a different set of rules for the political elite. Consequently, the selective application of the law projects Zimbabwe as a jurisdiction that is somehow tolerant to money laundering, corruption and related financial crimes, thereby lowering and tarnishing the standing of the country in the global economic community of nations. This paper provides a regulatory analysis of the AML role-players in Zimbabwe in order to assess their functions in combatting financial crimes. It also analyses whether these role-players are effective and substantively executing their responsibilities therein. The authors argue that while Zimbabwe is well able to effectively combat money laundering through the even application of the law to all persons regardless of their political or economic standing, it is imperative that its AML institutions operate without fear, favour or prejudice. This is crucial in combatting money laundering and instilling confidence in the general public's perception of AML institutions in Zimbabwe.
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| format | Article |
| id | doaj-art-0faeae65b1044ef19d8c5576f6284168 |
| institution | Kabale University |
| issn | 1727-3781 |
| language | Afrikaans |
| publishDate | 2024-11-01 |
| publisher | North-West University |
| record_format | Article |
| series | Potchefstroom Electronic Law Journal |
| spelling | doaj-art-0faeae65b1044ef19d8c5576f62841682024-11-13T08:25:56ZafrNorth-West UniversityPotchefstroom Electronic Law Journal1727-37812024-11-012710.17159/1727-3781/2024/v27i0a19030An Exploration of Selected Anti-Money Laundering Role-Players in ZimbabweHoward Chitimira0https://orcid.org/0000-0003-1881-1242Elfas Torerai1https://orcid.org/0000-0002-9680-5430Vimbai Jana2North-West University North-West UniversityNorth-West University Although Zimbabwe has established several institutions to combat money laundering and related crimes, there is a perception that inadequate measures are taken to apprehend offenders responsible for financial crimes. Institutions such as the Financial Intelligence Unit (FIU), the Zimbabwe Anti-Corruption Commission (ZACC), the Zimbabwe Republic Police (ZRP), the National Prosecuting Authority (NPA) and the Reserve Bank of Zimbabwe (RBZ) have done little to prove that the government of Zimbabwe is resolute in combatting money laundering. On the contrary, it increasingly appears that these institutions are poorly equipped and lack the necessary capacity to enforce and uphold anti-money laundering (AML) measures in Zimbabwe. Further, there appears to be a selective application of the law, with one set of rules for individuals or institutions that are perceived as political adversaries of the incumbent establishment and a different set of rules for the political elite. Consequently, the selective application of the law projects Zimbabwe as a jurisdiction that is somehow tolerant to money laundering, corruption and related financial crimes, thereby lowering and tarnishing the standing of the country in the global economic community of nations. This paper provides a regulatory analysis of the AML role-players in Zimbabwe in order to assess their functions in combatting financial crimes. It also analyses whether these role-players are effective and substantively executing their responsibilities therein. The authors argue that while Zimbabwe is well able to effectively combat money laundering through the even application of the law to all persons regardless of their political or economic standing, it is imperative that its AML institutions operate without fear, favour or prejudice. This is crucial in combatting money laundering and instilling confidence in the general public's perception of AML institutions in Zimbabwe. https://perjournal.co.za/article/view/19030anti-money launderingmoney launderingcorruptionrole-playersfinancial crimes |
| spellingShingle | Howard Chitimira Elfas Torerai Vimbai Jana An Exploration of Selected Anti-Money Laundering Role-Players in Zimbabwe Potchefstroom Electronic Law Journal anti-money laundering money laundering corruption role-players financial crimes |
| title | An Exploration of Selected Anti-Money Laundering Role-Players in Zimbabwe |
| title_full | An Exploration of Selected Anti-Money Laundering Role-Players in Zimbabwe |
| title_fullStr | An Exploration of Selected Anti-Money Laundering Role-Players in Zimbabwe |
| title_full_unstemmed | An Exploration of Selected Anti-Money Laundering Role-Players in Zimbabwe |
| title_short | An Exploration of Selected Anti-Money Laundering Role-Players in Zimbabwe |
| title_sort | exploration of selected anti money laundering role players in zimbabwe |
| topic | anti-money laundering money laundering corruption role-players financial crimes |
| url | https://perjournal.co.za/article/view/19030 |
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