"Police Force Moving Around To Ensure Compliance With SI 142" Mangudya
The governor of the Reserve Bank of Zimbabwe, Dr John Mangudya, has said that there are several measures the government is implementing to ensure that there is compliance with Statutory Instrument 142 of 2019.
The SI, which is part of the government’s ongoing currency reforms, outlawed the use of all foreign currencies for domestic transactions, reintroduced the Zimbabwe dollar and declared it the sole legal tender.
The Herald reports that, despite the presence of the SI, some retailers and other economic players continued demanding payments in United States dollars.
Appearing before the Parliamentary Portfolio Committee on Budget and Finance yesterday, Mangudya, said:
There are many tools of enforcing Statutory Instrument 142 of 2019, including the Bank Use Promotion and Suppression of Money Laundering Act (Chapter 24:24), which was approved by the Parliament of Zimbabwe, the Financial Intelligence Unit (within the central bank), and members of the police force who are already seized with the matter to ensure that at least there is compliance and indeed enforceability of this matter.
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Enforcement is very possible and they have already started doing so to ensure that all local payments are made in the Zimbabwe dollar, and that payments offshore are done in US dollars.
The Bank Use Promotion and Suppression of Money Laundering Act (Chapter 24:24), in particular, is a law that promotes the use and suppresses the abuse of the local financial services system.
More: The Herald
