Cash dealers to face up to 10-years in jail, while cash will be confiscated by the State

As the government tries to manage the economy and to stop bond notes from losing value, it has come up with a law which has very stiff penalties for trading in cash without a licence.

Finance minister Patrick Chinamasa said the stringent regulations were gazetted under the Exchange Control Amendment Regulations. Said Chinamasa:

In order to deal with the scourge of people buying and selling cash, the government has gazetted Exchange Control Regulations enacted by the President, and section 2 will empower the police to arrest anyone trading in currency without a licence and allow the police to seize the cash.

This seized currency will be deposited at the Reserve Bank of Zimbabwe (RBZ) for exhibit pending prosecution, and the regulations will also provide for the freezing of funds of the corresponding value in financial institutions, where such proceeds are suspected cases of dealing in currency.

Penalties are fines not exceeding the value of the currency and sentences not exceeding 10 years, and courts can impose fines of three times the value of the currency. There will be amendments to the Bank Use Promotions Act to strengthen the powers of the RBZ and it will come before Parliament in a few weeks. The Suppression of Money Laundering Act will also be amended.

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