Zimbabwe Lost US $3 Billion To Illicit Financial Flaws – ZACC

At the ongoing recovery training workshop in Harare, ZACC Chair Justice Matanda Moyo said the country lost $3 Billion through financial flaws, The Herald reports.

Said Justice Matanda Moyo:

The Financial Intelligence Unit estimated that Zimbabwe lost over US$3 billion to illicit financial flows through proceeds of crimes involving tax evasion, smuggling, corruption, fraud, drug trafficking and money laundering.

Illicit financial flows involve money moving illegally across borders as such it is a daunting task following the money trail through different jurisdictions. The investigations are generally complex and it takes years to recover proceeds of crime.

Justice Moyo said the commission’s 2019-2024 strategy has seen them allocating 60% of their resources to asset recovery. ZACC still doesn’t have a single conviction since inception.

More: The Herald

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