RBZ Findings On Ecobank Money Laundering Allegations

The Reserve Bank of Zimbabwe has cleared Ecobank of money laundering allegations which were raised against the bank following the circulation of a picture of $15 000 new $5 and $2 notes which the bank had allegedly injected into the parallel market.

Following the circulation of the picture, the central bank promised to embark on a probe aimed at ascertaining the facts of the matter and take disciplinary measures on Ecobank, if need be.

After the RBZ’s Financial Intelligence Unit (FIU) conducted the investigations, Ecobank issued a statement indicating that it had been exonerated. The statement reads in part:

Following the publication of a press release by Reserve Bank of Zimbabwe on pictures of notes circulating on social media, Ecobank Zimbabwe Limited wishes to advise that the Financial Intelligence Unit (FIU) conducted investigations into alleged diversion of cash to the parallel market.

The investigations by the FIU have shown that Ecobank complied with the regulatory processes in disbursing the ZW$15 000 cash in question. This amount was intended for purposes of procuring milk from small-scale producers by a client of the Bank.

The incident happened when the country is submerged in a cash crisis with the ordinary person failing to withdraw the desired money from the banks.

More: The Chronicle

 

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