Government To Enact Legislation Targeting Ill-gotten Wealth By Individuals
The government is moving towards crafting an Act that will allow for the investigation and seizing of ill-gotten wealth form individuals.
Last year the government President Emmerson Mnangagwa gazetted the Presidential Powers (Temporary Measures) (Amendment of the Money Laundering and Proceeds of Crime Act and Exchange Control Act). The regulations empowered the government to seize unexplained wealth.
However, the regulations legally enforceable for 6 months only. In an interview with The Sunday Mail, Justice, Legal and Parliamentary Affairs Minister Ziyambi Ziyambi said:
When you invoke Presidential Powers Temporary Measures, they last for six months. The Bill has to be brought to Parliament within six months. By March or early April, the legislation should be in place.
We removed the section on Presidential Powers Temporary Measures Act on unexplained wealth (from the Finance Bill) because it’s not a finance matter per se, it would complicate issues… For the sake of progress, we just had to draft a separate Bill.
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