The Financial Action Task Force (FATF) identified deficiencies in Zimbabwe’s anti-money laundering regime.
Zimbabwe has developed an action plan with the FATF to address the identified deficiencies. Below is a statement by FATF:
In October 2019, Zimbabwe made a high-level political commitment to work with the FATF and ESAAMLG to strengthen the effectiveness of its AML/CFT regime.
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Since the completion of its MER in 2016, Zimbabwe has made progress on a number of its MER recommended actions to improve technical compliance and effectiveness, including establishing a national coordination and cooperation structure on AML/CFT issues, amending the AML/CFT legal framework to apply a risk-based approach to supervision of FIs and DNFBPs, widening the scope of disseminating financial intelligence, and establishing an asset forfeiture unit within the National Prosecuting Authority. Zimbabwe will work to implement its action plan, including by:
(1) improving understanding of the key ML/TF risks among the relevant stakeholders and implementing the national AML/CFT policy base on the identified risks;
(2) implementing risk-based supervision for FIs and DNFBPs including through capacity building among the supervisory authority;
(3) ensuring the development of adequate risk mitigation measures among FIs and DNFBPs, including by applying proportionate and dissuasive sanctions to breaches;
(4) developing a comprehensive legal framework and mechanism to collect and maintain accurate and updated beneficial ownership information for legal persons and arrangements, and ensure timely assess by the competent authorities; and
(5) addressing remaining gaps in the TF- and PF-related TFS frameworks and demonstrating implementation.