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The Financial Intelligence Unit (FIU) is plotting a crackdown against individuals and companies allegedly involved in exchange rate manipulation.
When the Zimbabwe Gold (ZiG) currency debuted two weeks ago, the rate was ZiG13.56 per US$1, but illegal money changers are now trading at ZiG20: US$1.
FIU director Oliver Chiperesa told <a href="https://businesstimes.co.zw/fiu-plots-massive-crackdown/">Business Times</a> this week that the unit has identified wholesalers and manufacturers involved in exchange rate manipulation. He said:
<blockquote>
For our part as FIU, we have identified traders, especially wholesalers and manufacturers who are either not accepting ZiG or are putting an unjustified premium on the rate, and we are taking stern action on those.
We have given them a warning to comply by the end of the day today (Wednesday) after which we will be freezing their accounts and fining them.
Some are claiming they are still configuring their systems so are not yet accepting ZiG. We have told them that if it’s taking them that long to configure, they should stop trading until they are in a position to accept both currencies.
</blockquote>
Chiperesa said FIU is monitoring bank account activities to look for any infractions. He said:
<blockquote>
If we catch them, we will permanently freeze the illegal forex dealers’ accounts. We acknowledge that the parallel market is still there but generally, it is within the acceptable range of probably 10% of the official rate and that’s normal.
Whilst we don’t tolerate such issues, it’s still normal in an economy. But when we see some serious distortions we step in to investigate and take steps.
We are already in the streets before the money changers are too many in the streets, we don’t want to wait for the exchange rate to go beserk.
Apart from clearing them from the street, we are monitoring bank transactions so that we may identify red flags with some of the transactions occurring.
If we see transactions undertaken repeatedly in the same shop or outlet, we will permanently freeze those bank accounts.
We democratically allow people to open accounts with as many banks as one can but those with more than three accounts will certainly come under scrutiny.
When you see someone with four accounts there is something amiss, we will identify those as well. The dealers try to transact on many platforms to avoid being noticed but we are certainly now on them again on too many accounts.
</blockquote>
Zimbabwe Republic Police (ZRP) spokesman Assistant Commissioner Paul Nyathi last week said they were waiting for the go-ahead to launch the blitz on illegal money changers. He said:
<blockquote>
We are working together with the Reserve Bank of Zimbabwe to end this practice and the law will take its course without fear or favour.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Financial Intelligence Unit Plots Crackdown On Money Changers

The Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) says it will soon reign in businesses that are engaging in speculative behaviour thereby destabilising the market.
Some businesses are reportedly charging exorbitant rates above the 10% margin of the official exchange rate to cushion themselves amid a mounting financial crisis.
This comes as the difference between the official exchange rate and the street rate has widened significantly, with the latter rising to between ZWL$13000: US$1 and ZWL$15000:US$1. Last week the official rate was approximately ZWL$8600:US$1.
Oliver Chiperesa, director general of FIU, told <a href="https://businesstimes.co.zw/fiu-plots-crackdown/">Business Times</a> that businesses engaging in speculative behaviour will have their bank accounts frozen. He said:
<blockquote>
Unfortunately, we now need to intervene again to arrest the indiscipline and speculative behaviour.
We now have to intensify our surveillance and enforcement activities which we had scaled back since December.
All businesses found on the wrong side of the law will have their accounts frozen and will be penalised in terms of the law.
Apart from errant retailers, we will be particularly targeting some manufacturers and wholesalers who are being reported to us by the public.
Manufacturers and wholesalers sitting on top of the supply and pricing value chain are often guilty of triggering and fueling forward exchange rate setting, forcing retailers to do the same.
We are aware of businesses and individuals who are always ready to take advantage of any slight movement in the rates to engage in forward exchange rate setting which is why you see some going as high as ZWL$13 000 and ZWL$15000.
</blockquote>
The Zimbabwe dollar has never been stable since it was re-introduced through the back door as bond coins in 2016.
Zimbabweans prefer the more stable United States dollar (USD) and to a lesser extent the South African rand as both a medium of exchange and a store of value.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Financial Intelligence Unit Plots Crackdown On Errant Businesses

The Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) says it has increased surveillance on car dealers as the car dealership industry is at high risk of money laundering.
Speaking to <a href="https://www.sundaymail.co.zw/fiu-police-go-after-car-dealers">The Sunday Mail</a>, FIU director-general Oliver Chiperesa said Zimbabwe is estimated to be losing between US$1 billion and US$1.5 billion through money laundering. He said:
<blockquote>
However, there is no international standard on car dealers but countries are left to add sectors they feel are at high risk of money laundering.
As for us, we added the car dealership sector as one of the areas where money laundering could be taking place.
So, at the moment, we actually don’t have a register to say who the registered car dealers in Zimbabwe are because we don’t have a regulatory authority that registers them. I think that’s going to be the starting point, so we still have a lot to do…
So, the next step is to make sure that they are registered and regulated by someone who is not FIU. FIU only comes to deal with the anti-money laundering aspect…
</blockquote>
Chiperesa said there should be records of every car sold so that it becomes easier to flag any suspicious transactions. He said:
There needs to be records of every car sold. It will be easier to follow up when records are maintained and suspicious transactions are reported. Sometimes, the transactions are not recorded because we use cash.
<blockquote>
At least, the easy thing about buying houses is that we can go to check at the Deeds Office when ownership changes, but with vehicles, one can buy a vehicle and not change ownership.
</blockquote>
Zimbabwe Republic Police acting commanding officer for the Commercial Crimes Division (Northern Region) Superintendent Godwin Mvurume said:
<blockquote>
We have adopted what we call the follow-the-money concept. Financial crime is a financial benefit. The benefit is money.
We are trying to follow the money and engage the courts in order to freeze and seize assets.
The car dealers are reluctant to supply information… We are engaging FIU so that we come up with a workable solution.
</blockquote>
Money laundering refers to the illegal process of making unlawfully obtained money appear legitimate.
It typically involves a series of financial transactions that disguise the true origin of the funds, making them appear to come from a legitimate source.
Money laundering is commonly associated with criminal activities, such as drug trafficking, corruption, fraud, and organized crime.
The purpose of money laundering is to conceal the illegal origins of money and integrate it into the legal financial system, making it difficult for authorities to trace and identify the proceeds’ true source.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Car Dealership Industry At High Risk Of Money Laundering - RBZ

The Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) has warned members of the public against investing in Ponzi and Pyramid schemes.
This follows the arrest of a Chinese national, Zhao Jiaotong, believed to be the brains behind E-Creator, a Ponzi scheme that defrauded thousands of Zimbabweans of their hard-earned cash.
On Thursday, 13 July, Zimbabwe Republic Police (ZRP) Senior Staff Officer (Press and Public Relations), Assistant Commissioner Paul Nyathi confirmed Zhao’s arrest on fraud allegations.
In a statement issued on Friday, 14 July, FIU said it had noted with concern the proliferation of Ponzi and Pyramid schemes in Zimbabwe. Reads the statement:
<blockquote>
The Financial Intelligence Unit (FIU) notes with concern the proliferation of Ponzi and Pyramid schemes in the country.
These schemes come in various forms and guises, designed to mask their fraudulent nature and lure people into parting with their hard-earned money.
The schemes share certain common characteristics which members of the public are advised to look out for.
Under such schemes, people are typically asked to invest a sum of money and are promised unrealistic returns/profits, either without being asked to do anything else (Ponzi schemes) or being required to actively recruit new members/investors (pyramid schemes).
In either case, funds from new investors/recruits are used to pay the earlier investors as well as the originators of the scheme.
Sooner or later, the scheme will run out of new investors/recruits and inevitably collapses, with the majority of the investors unable to recover their funds.
As such schemes are illegal and unregulated, it is usually difficult for victims to get satisfactory recourse to recover their money.
The Reserve Bank of Zimbabwe has in the past issued warnings to the public against investing in such schemes.
In light of a recent surge in the activities of such schemes, the FIU wishes to reiterate the warnings.
Members of the public are urged to be wary of such fraudulent schemes and, in particular, to look out for the following red flags:
<ul>
<li>Any entity inviting investments when they are not a registered or regulated financial service provider; or</li>
<li>Promises of super profits/returns that cannot conceivably be earned through known legitimate economic activities; or</li>
<li>Investment schemes that predominately exist on WhatsApp groups and similar social media platforms but have little or no physical visibility in the form of permanent offices.</li>
</ul>
</blockquote>
A Ponzi scheme is a fraudulent investment operation where the operator pays returns to its investors from their own money or from the money paid by subsequent investors, rather than from any actual profit earned.
The scheme relies on attracting new investors and using their investments to provide returns to earlier investors.
The scheme is named after Charles Ponzi, an Italian-born swindler who became notorious in the early 20th century for running such a scheme.
Ponzi promised investors high returns on investments in international postal reply coupons, but he was actually using the money from new investors to pay off earlier investors.
In a pyramid scheme, participants make money primarily by recruiting new members who make payments to those above them in the pyramid structure.
The structure of a pyramid scheme resembles a pyramid, where the initial recruiter sits at the top and recruits a level of individuals below them.
Each person recruited is then encouraged to recruit more people, forming subsequent levels beneath them.
As the pyramid grows, each level becomes larger, and participants are promised increasing rewards as they move up the pyramid.
However, pyramid schemes are unsustainable and eventually collapse. The recruitment of new members becomes difficult, and those at the bottom of the pyramid are unable to find enough recruits to recover their initial investment.
Only a small number of people at the top benefit from the scheme, while the majority of participants lose their money.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Don't Invest In Ponzi/ Pyramid Schemes, Financial Intelligence Unit Tells Zimbabweans

The Government has accused several pharmacies and other traders of engaging in “forward pricing” and speculation in violation of exchange control directives as well as standing government policy guidelines with respect to pricing and the use of the Zimbabwe dollar.
In a statement released on Tuesday, 11 July, the Ministry of Finance and Economic Development, said the Financial Intelligence Unit (FIU) is conducting investigations to identify the culprits.
It said (FIU) has established that some pharmacies are using parallel market exchange rates ranging from between ZWL$8 500.00 to ZWL$11 000.00 against the USD, in complete violation of Government Policy and the country’s anti-money laundering regulations.
The Ministry said measures have since been instituted against the culprits that will result in the suspension and/or cancellation of the trading licenses of the pharmacies. The pharmacies are:
<figure class="wp-block-table alignwide is-style-stripes">
<table style="width: 94.09%;">
<tbody>
<tr>
<td style="width: 31.3609%;">Name of Company</td>
<td style="width: 14.9901%;">Location</td>
<td style="width: 90.7298%;">Observed Violation</td>
</tr>
<tr>
<td style="width: 31.3609%;">Blessed Pharmacy</td>
<td style="width: 14.9901%;">Chegutu</td>
<td style="width: 90.7298%;">Using exchange rate ZWL 10 000.00</td>
</tr>
<tr>
<td style="width: 31.3609%;">Global Pharmacy</td>
<td style="width: 14.9901%;">Kadoma</td>
<td style="width: 90.7298%;">Using exchange rate ZWL 000.00</td>
</tr>
<tr>
<td style="width: 31.3609%;">Leecare Pharmacy</td>
<td style="width: 14.9901%;">Kadoma</td>
<td style="width: 90.7298%;">Using exchange rate ZWL 10 000.00</td>
</tr>
<tr>
<td style="width: 31.3609%;">Pineal Pharmacy</td>
<td style="width: 14.9901%;">Kadoma</td>
<td style="width: 90.7298%;">Using exchange rate ZWL 10 000.00</td>
</tr>
<tr>
<td style="width: 31.3609%;">Greenwood Pharmacy</td>
<td style="width: 14.9901%;">Kwekwe</td>
<td style="width: 90.7298%;">Accepting USD only</td>
</tr>
</tbody>
</table><figcaption class="wp-element-caption"></figcaption></figure>
<figure class="wp-block-table alignwide is-style-stripes">
<table style="width: 94.3202%;">
<tbody>
<tr>
<td style="width: 36.9403%;">Name of compamy</td>
<td style="width: 12.3134%;">Location</td>
<td style="width: 80.2239%;">Observed Violation</td>
</tr>
<tr>
<td style="width: 36.9403%;">Apex Pharmacist Pharmacy</td>
<td style="width: 12.3134%;">Gweru</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 9 500.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Siegmed Pharmacy</td>
<td style="width: 12.3134%;">Gweru</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 10000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Booties Pharmacy</td>
<td style="width: 12.3134%;">Gweru</td>
<td style="width: 80.2239%;">Accepting USD only</td>
</tr>
<tr>
<td style="width: 36.9403%;">Mediplus Pharmacy</td>
<td style="width: 12.3134%;">Rusape</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 10 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Greenview Pharmacy</td>
<td style="width: 12.3134%;">Rusape</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 11 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Kaizen Pharmacy</td>
<td style="width: 12.3134%;">Rusape</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 10 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Necta Care Pharmacy</td>
<td style="width: 12.3134%;">Mutare</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 8 500.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Lancaster Pharmacy</td>
<td style="width: 12.3134%;">Mutare</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 9 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Murapi Pharmacy</td>
<td style="width: 12.3134%;">Mutare</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 9 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Grey Pharmacy</td>
<td style="width: 12.3134%;">Mutare</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 10 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Central Pharmacy</td>
<td style="width: 12.3134%;">Mutare</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 11 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Manica Pharmacy</td>
<td style="width: 12.3134%;">Mutare</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 10 000.00</td>
</tr>
</tbody>
</table>
</figure>
The Ministry added that the Government remains committed to the broad use of local currency for domestic transactions and stern measures will be taken against service providers who continue to violate provisions.
It urged the transacting public to resist all forms of unfair pricing by retailers and to immediately report violations to the Financial Intelligence Unit.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F0w1R-8aQAISxjN?format=jpg&amp;name=4096x4096"/><img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F0w1SUhaEAEETD0?format=jpg&amp;name=4096x4096"/>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pharmacies Charging Above Official Exchange Rate Set To Lose Licences

The Reserve Bank of Zimbabwe Financial Intelligence Unit (FIU) said that retailers and manufacturers who were exclusively charging certain goods in foreign currency and using the street market rate for currency conversion have agreed to reconsider their pricing models.
In an interview with <a href="https://www.sundaynews.co.zw/16-bank-accounts-frozen-in-rbz-price-blitz-overpricing-shops-penalised/">State media</a>, FIU director-general Oliver Chiperesa said that the Unit has received assurances from retailers that they will adjust their prices in line with the prevailing official exchange rate while also accepting Zimbabwe dollars for all products. Said Chiperesa:
<blockquote>
We engaged with them and they have assured us that they are relooking into their pricing models.
Yes, some had items that they were not allowing clients to pay for using the local currency, but we have told them that is not acceptable and they agreed to rectify it.
They also assured us that customers will be able to pay in local currency for all goods whose prices have been marked in foreign currency only.
</blockquote>
He, however, said there were still some rogue businesses who they continue to monitor to ensure that they were brought to book.
Chiperesa gave an example of one supermarket in Belvedere, Harare, saying it had a rate higher than the parallel market. He said:
<blockquote>
On Friday we found out that this supermarket was using an exchange rate of US$1:ZW$10 000 which has no relationship with even the parallel market.
So it is just a rate they came up with as forward pricing just to destabilise the rates because the most extreme parallel market rates were 8 000, but they are beginning to go down.
</blockquote>
Last week, the RBZ set the official exchange rate at US$1: ZW$5 900 while the street rate was hovering at US$1: ZW$9 000.
However, some large retailers were using at least US$1: ZW$10 000 for selected products while popular fast-food outlets were rejecting the local currency on the pretext that their point-of-sale machines were not working and therefore could not accept swipe and EcoCash payments.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Shops Agree To Sell Products In ZimDollars At The Official Rate - RBZ

The Reserve Bank of Zimbabwe Financial Intelligence Unit (FIU) says it has frozen additional bank accounts of companies and individuals for allegedly participating in fuelling the exchange rate on the parallel market.
Speaking to <a href="https://www.sundaynews.co.zw/16-bank-accounts-frozen-in-rbz-price-blitz-overpricing-shops-penalised/">State media</a> on Saturday, FIU director-general Oliver Chiperesa said that penalties for the offenders will be issued to them this week. He said:
<blockquote>
This past week we also froze an additional six bank accounts of traders who were also violating the regulations relating to the prescribed rates that must be used by traders and penalties will be issued to them this week.
The penalties are usually in the form of fines and as we said before repeated offenders will end up being recommended for cancellation of their trading licences.
We have also frozen the accounts of 10 individuals and companies who were involved in the parallel market.
They are not necessarily traders but they are companies in various sectors as well as individuals whom we traced their transactions and found that they were participating in fuelling the exchange rate on the parallel market.
Again, we will issue them with penalties in the course of the coming week.
</blockquote>
Chiperesa claimed that the black market rate is now starting to stabilise in response to measures and policies announced by the Government over the past few weeks. He said:
<blockquote>
We have witnessed that for the first time in the last five or six weeks, the black market rate is now starting to stabilise because of the effectiveness of the policies that have been put in place which we are supporting as the FIU by making sure that those who destabilise the foreign exchange are dealt with severely in terms of the law.
</blockquote>
On Friday, the street rate was hovering around ZWL$9 000, while the official rate last week stood at US$1: ZW$5 900.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

RBZ Freezes Six More Bank Accounts For Exchange Rate Violations

The Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) has directed financial institutions to unfreeze all the accounts and other financial assets belonging to individuals who were implicated in alleged smuggling and money laundering by Al Jazeera’s documentary series that was premiered in March and April this year.
The central bank said it froze the assets of Cleopas Chidodo, David Chirozvi, Mehlululi Dube and Fredrick Kunaka, who told the undercover Al Jazeera reporters that they accepted money to assist a gold-smuggling and money laundering.
The four men, all Zimbabwean nationals, made the statements in a four-part documentary series called “Gold Mafia”.
<a href="https://www.chronicle.co.zw/uebert-angel-rudland-accounts-frozen/">State media reports</a> in early April indicated that the RBZ had directed that accounts belonging to Ewan McMillan, Kamlesh Pattni, Uebert Angel, and Simon Rudland should be frozen.
But in a statement issued on Monday, 15 May 2023, FIU director Oliver Chiperesa said the Unit had not identified transactions linked to money laundering connected to the allegations in the Al Jazeera documentary. Reads the statement:
<blockquote>
Following the broadcast of Al Jazeera’s documentary series titled “The Gold Mafia,” the Financial Intelligence Unit (FIU) issued a directive on 31 March 2023 directing financial institutions to identify, freeze and report bank accounts and other financial assets owned and/or controlled by individuals who were alleged to have played key roles in alleged acts of money laundering and other financial crimes.
The FIU exercised its temporary freezing powers to ensure that any illicit proceeds connected to the allegations in the documentary would not be dissipated or disposed of by the persons concerned and prejudice potential future investigations.
The FIU, working in close collaboration with law enforcement agencies, has since concluded its analysis of the four episodes of the Al Jazeera documentary and has also analyzed the financial assets and transactions of the persons implicated in the documentary and has determined that there is no good cause for the freezing order to remain in place.
The FIU has not identified transactions/assets linked to money laundering and related financial crime connected to the allegations in the Al Jazeera documentary.
In view of the above, the FIU has directed financial institutions to unfreeze all the accounts and other financial assets that had been frozen pursuant to the directive of 31 March 2023.
The unfreezing action is without prejudice to any further investigations that law enforcement agencies may wish to commence or continue against any of the persons involved.
Some of the allegations in the documentary relate to money laundering and financial crimes alleged to have taken place outside Zimbabwe’s borders.
The FIU, if so requested, stands ready and is indeed mandated to cooperate with any international investigations against any of the persons or entities mentioned in the documentary.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Gold Mafia: RBZ Says There Is No Evidence Supporting Al Jazeera Allegations

The Financial Intelligence Unit (FIU), the Zimbabwe Republic Police (ZRP), and the Zimbabwe Anti-corruption Commission (ZACC) have intensified investigations into eight individuals implicated in the Al Jazeera Gold Mafia four-part documentary series.
This comes amid concerns that Zimbabwe risks violating the strict regulations of the Financial Action Task Force (FAFT), an international policy-making and standard-setting body dedicated to combating money laundering and terrorist financing.
Zimbabwe has made the necessary reforms to address its money laundering and terrorist financing weaknesses and has been removed from the grey list by FAFT.
FIU director general Oliver Chiperesa told <a href="https://businesstimes.co.zw/gold-mafia-fiu-police-intensify-probe/">Business Times</a> that they are working with law enforcement agencies to identify assets and analyse transactions to establish possible links to crime. He said:
<blockquote>
The interim measures were also taken while monitoring and analysing the documentary episodes as they came out to see if there was further information that could potentially be used in criminal investigations.
After all the episodes, we are now sitting down with other relevant agencies and evaluating what is available, and deciding on the next course of action.
The FIU will not make a decision alone but in close consultation with law enforcement agencies as we always do.
</blockquote>
FIU has ordered the freezing of assets and accounts belonging to Ewan McMillan, Kamlesh Pattni, Uebert Mudzanire (aka Angel), and Simon Rudland. Said Chiperesa:
<blockquote>
The freezing is not a seizure of the funds or assets but simply an interim measure and a precaution to ensure that potential proceeds of crime are not disposed of or transferred before law enforcement agents can commence possible investigations.
It is important to emphasise that what is there at the moment are largely allegations and suspicions.
</blockquote>
Angel, who is President Emmerson Mnangagwa’s special envoy and ambassador-at-large to Europe and the Americas, and a preacher, was secretly filmed by undercover Al Jazeera reporters offering to use his diplomatic cover to launder large volumes of cash into Zimbabwe as part of a gold smuggling operation.
He and his side-kick Rikki Doolan were also seen repeatedly name-dropping President Emmerson Mnangagwa’s name.
The United Kingdom’s upper house of Parliament, the House of Lords, wants the British government to probe the allegations of criminal activity against its citizen, Angel.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Gold Mafia: Financial Intelligence Unit, Police Intensify Investigations

The  Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) says it has fined over 300 firms in the past 18 months for fuelling illegal foreign currency activities on the parallel market.
FIU director general Oliver Chiperesa told Business Times that some firms “dump” their proceeds onto the parallel market in search of scarce US dollars, thereby destabilising the local currency and fanning inflation. He said:
<blockquote>
We have fined over 300 companies in the past 18 months over their participation in the illegal trading of foreign currency on the parallel market thereby influencing the exchange rate.
Since 2021 we have taken this administrative action against these companies to instill discipline.
</blockquote>
Early last year, FIU froze the bank accounts of several companies including Transervet, Powerspeed trading as Electrosales, Halstead Brothers, and Enbee. Said Chiperesa:
<blockquote>
As FIU we check the anomalies in the banking sector, that is where we monitor how the money was moved, what where you buying, whether is it a normal operating company, and does it have the services you require, if we see that there is no linkage and there is no normal business relationship with the two companies we pick it.
After that, we dig deep and analyse the findings as well as engage the parties, resultantly many have confessed to taking part in the parallel market.
If we are tough with every business that we find guilty, the economy will ground to a halt. That’s why we try to strike a balance.
The main reason why we try to deal with the issues at FIU level is that our criminal laws are a bit weak on that side as most issues we have referred to the police were not effectively dealt with.
</blockquote>
Chiperesa said FIU now has the power to freeze accounts for 90 days from the previous 14 days to give the police the time to investigate.
The penalties stretch to over ZWL$1 million per violation but sometimes the violations could be bigger and attract bigger penalties.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

FIU Fines 300 Firms Over Parallel Market Activities

The Financial Intelligence Unit (FIU) has reportedly commenced investigations into individuals implicated in money laundering activities and illicit gold dealings in Al Jazeera’s documentary revealing alleged criminals driving gold smuggling and money laundering worth billions of dollars in Southern Africa.
Last week the Insurance and Pensions Commission (IPEC) launched investigations into Uebert Angel and Ewan Macmillan in a bid to ascertain the assets they own as well as the duo’s recent transactions.
Angel, who is President Emmerson Mnangagwa’s special envoy and ambassador-at-large to Europe and the Americas, and Macmillan are both mentioned in the Al Jazeera documentary as part of an alleged band of money launderers.
<a href="https://www.newzimbabwe.com/financial-intelligence-unit-widens-probe-into-individuals-fingered-in-gold-mafia-documentary/">NewZimbabwe.com</a> reported a highly placed source in the FIU as saying the investigation nets have been widened. Said the official:
<blockquote>
The scope of investigations has now been widened to target every individual featured in the documentary in order to establish their financial activities in a bid to ascertain the magnitude of their misconduct if any.
These measures are in a bid to ensure that Zimbabwe, which was recently removed from the grey list of the Financial Action Task Force (FATF) in March 2022 after being deemed compliant in upholding the required global anti-money laundering banking standards.
So authorities now need to know whether these people have at any given time laundered money into Zimbabwe and how they managed to navigate while circumventing the regulatory measures in place.
There is suspicion that there could have been enablers within the rank and files of authority.
Plans are that if unearthed, the appropriate course of law must take effect both within and beyond the borders.
</blockquote>
Individuals mentioned in the documentary include Angel’s personal assistant Rikki Doolan, Simon Rudland, Henrietta Rushwaya, Alistair Mathias and Kamlesh Pattni.
More: <a href="https://www.newsday.co.zw/local-news/article/200009522/ed-demands-re-run-in-violence-hotspots">Pindula News</a>

Financial Intelligence Unit Investigating Individuals Fingered In Gold Mafia Documentary

The Reserve Bank of Zimbabwe (RBZ)’s Financial Intelligence Unit (FIU) says it has blacklisted six contractors that were doing business with the Government for trading on the foreign currency black market.
The FIU has also frozen the bank accounts of five leading wholesalers for overcharging.
Speaking to State media, FIU director-general Oliver Chiperesa warned that they take stern action against companies involved in the parallel market. He said:
<blockquote>
So far, we have identified six or so (contractors) that we have taken action against, including referring to the Ministry (of Finance and Economic Development) for blacklisting. We expect the stability to continue.
I think Government suppliers are no longer really getting involved in the parallel market because they are aware of the consequence.
It’s only a few that are still doing it and we have taken stern action against those by freezing their accounts and referring them to the ministry.
So, following the action taken by the ministry last year, we continue to refer more companies periodically, as and when we find them.
</blockquote>
Last year, the Government blacklisted 19 suppliers and contractors for trading on the foreign currency black market.
Chiperesa said the FIU has frozen the bank accounts of five leading wholesalers for overpricing through forward pricing. He said:
<blockquote>
We are not confining ourselves to the parallel market drivers only, but also to wholesalers who are overcharging.
So far, in the last two weeks, we have frozen the accounts of five major retail and wholesale shops pending further investigations.
We are continuing with our work. Our teams are out there identifying more companies and entities that are doing the same.
There is really no excuse for the companies to be using parallel market rates at all at this stage with the near convergence that we have enjoyed over the last few months between the parallel market and official rates.
It’s just greediness that is driving some of these companies to do that.
</blockquote>
Some companies that are reportedly mopping up US dollars on the black market are understood to be also benefitting from the RBZ foreign currency auction market. | <a href="https://www.sundaynews.co.zw/rbz-blacklists-companies-11-firms-sanctioned-over-black-market-deals-overpricing-same-firms-reportedly-benefitting-from-rbz-auction/">The Sunday News</a>

RBZ Sanctions 11 More Companies Over Black Market Deals

Statement by the Minister of Finance and Economic Development, Mthuli Ncube on Blacklisting of Contractors channeling Funds to the illegal Foreign Currency Market:
<h2>BLACKLISTING OF CONTRACTORS WHO CHANNEL FUNDS TO THE ILLEGAL FOREIGN EXCHANGE MARKET</h2>
<h2>BACKGROUND</h2>
1. Government continues to implement informed bold measures in an endeavor to promote stability and position the economy on a sustainable growth trajectory. The measures being implemented are in sync with the announcements by his Excellency the President on 7 May 2022 which managed to instill discipline and curb speculative behaviour.
2. Subsequent supportive policy measures from the Ministry of Finance and Economic Development and the Reserve Bank of Zimbabwe during the course of the year have signaled to the market, Government’s utmost commitment to maintaining price stability, and restoring market discipline, which in turn will engender market confidence.
3. You may be aware that on the 18th of August 2022, the Ministry issued a statement advising the public regarding the institution of a Value for Money Process on all payments to suppliers and contractors to Central Government, Departments and Agencies. After a careful analysis, it was observed that certain pricing behaviours and trends in the supply chain to Government Agencies and Ministries pointed to weaknesses in the procurement framework, and that these loopholes contributed to distorted pricing practices by the market and effectively fueled inflation in the economy. A Value for Money’ exercise is underway to strengthen procurement systems and to improve management of payment cycles for Government contracts.
<h2>CONTRACTORS CHANNELING FUNDS TO THE ILLEGAL FOREIGN CURRENCY MARKET</h2>
4. It has been observed that some contractors after passing through the Value for Money process and having received their payment from government still tend to siphon their proceeds into the parallel market thereby causing domestic inflationary pressures.
5. In this regard, this statement today is to give an update on findings from the work conducted by the Financial Intelligence Unit (FIU) on monitoring payments made to Government suppliers as well as measures to deal with non-compliant Contractors with a view to plug parallel market dealing.
6. A total of 19 companies have been identified by the FIU to be involved in this unlawful conduct are as follows:
i. Nariox (Pvt) Ltd
ii. New Age Marketers (Pvt) Ltd 
iii. Pepwit Investments (Pvt) Ltd
iv. Tirumi Investments (Pvt) Ltd
v. Mwendo Africa (Pvt) Ltd 
vi. Alg World Investments (Pvt) Ltd 
vii. Lobmer Investments (Pvt) Ltd 
viii. Nisbank Investments (Pvt) Ltd
ix. Sailgroom Enterprises
x. Wayvar Investments 
xi. Poweride Safaris 
xii. Azelion Energy (Pvt) Ltd
xii. Blackdeck (Pvt) Ltd 
xiv. Paza Buster (Pvt) Ltd 
xv. Redan Coupon (Pvt) Ltd 
xvi. The Best Car Rental 
xvii. The Legacy Car Rental 
xviii. Josam Enterprises (Pvt) Ltd 
xix. Construction Warehouse (Pvt) Ltd
7. The FIU has noted that upon receiving their payments, the companies would engage in spontaneous illegal foreign currency transactions through buying foreign currency from individuals and entities. It was also noted that some of the companies would engage in transactions which are not related to their line of business. Some would also purchase fast moving consumer goods from various manufacturers and the goods would then be sold exclusively in foreign currency.
8. In view of the above, and in an endeavor to maintain sanity in the foreign currency market and to curb inflation, Government is left with no other option than to blacklist the mentioned companies. The Procurement Regulatory Authority of Zimbabwe (PRAZ) will be advised accordingly, to blacklist these entities from doing business with Government.
9. The Government of Zimbabwe remains committed to maintaining macroeconomic stability and the elimination of harmful and destabilizing arbitrage conditions that have pervaded the economy at the expense of the generality of citizens.

FULL TEXT: Govt Names And Blacklists 19 Companies For Illegal Forex Deals

The City of Harare has reversed its recent directive that compelled residents to pay for some services exclusively in foreign currency.
Speaking at an urgent special council meeting on Thursday, Harare Mayor Councillor Jacob Mafume said ratepayers can now pay for services in the currency of their choice.
The local authority reversed its unpopular decision after its bank accounts were frozen by the Reserve Bank of Zimbabwe (RBZ)’s Financial Intelligence Unit (FIU). Said Mafume:
<blockquote>
When we sent out a notice on exclusive US dollar payments, it caused a bit of a ruffle in the market and drew the attention of regulatory authorities to the extent that FIU froze our US dollar accounts.
Top management went to FIU to find out what had caused that, and we agreed that in the meantime we are going to allow residents to use currencies of their choice.
</blockquote>
| <a href="https://www.sundaymail.co.zw/new-harare-city-council-reverses-us-dollar-payments">The Sunday Mail</a>

City Of Harare Reverses US Dollar Billing

The Reserve Bank of Zimbabwe (RBZ) has frozen the City of Harare’s bank accounts after the local authority started charging for services in US dollars.
The central bank’s Financial Intelligence Unit (FIU) has since widened its investigations into city councils charging for services in foreign currency.
Harare City Council had demanded residents pay for services such as house-planning permission in US dollars to enable the municipality to pay for fuel and workers’ salaries.
Speaking to <a href="https://www.bloomberg.com/news/articles/2022-09-13/zimbabwe-widens-probe-into-city-councils-charging-in-us-dollars?leadSource=uverify%20wall">Bloomberg</a> by phone, FIU Director-General Oliver Chiperesa said they are investigating two other municipalities over the practice. He said:
<blockquote>
There are two other authorities which we are looking to see if they have adhered to our approaches.
</blockquote>
The Zimbabwean dollar is Africa’s worst-performing currency this year. It has lost more than four-fifths of its value this year.
Meanwhile, City of Harare spokesman Innocent Ruwende said the FIU’s decision to freeze the council’s accounts was “unfortunate” and may impact the municipality’s ability to deliver services. He said:
<blockquote>
The decision is detrimental to service delivery. We need foreign currency to pay for fuel, plant equipment and workers’ salaries.
It’s an unfortunate decision that’s been taken by the Reserve Bank of Zimbabwe.
</blockquote>
Chiperesa said the law empowers them to freeze bank accounts for 90 days to allow for investigations to take place.
He added that a possible way for the council to resolve the situation is for it to stop the demands for foreign currency payments.

RBZ Widens Probe Into City Councils Charging In US Dollars

The Reserve Bank of Zimbabwe (RBZ) is assembling a task force made up of members of various law enforcement units to deal with rampant indiscipline in the financial system.
A report by The Zimbabwe Independent claims that the task force will comprise of officials from the Financial Intelligence Unit (FIU), the Zimbabwe Anti-Corruption Commission (ZACC), the National Prosecuting Authority (NPA), the Zimbabwe Revenue Authority (ZIMRA) and the Zimbabwe Republic Police (ZRP).
The publication reported RBZ sources as saying that the lack of a concerted approach in dealing with financial crimes has resulted in some law enforcement units getting compromised by the lawbreakers. Said the source:
<blockquote>
Plans to set up a task force team are at an advanced stage and the idea is to make sure no one is compromised. Remember FIU has no arresting or prosecuting powers.
In the past, there have been cases that failed to take off as some law enforcement units were compromised.
</blockquote>
The development comes after the Joint Operations Command (JOC) took FIU to task over its failure to eradicate illicit financial transactions.
During a high-level meeting held last month, JOC reportedly described the financial situation, characterised by high inflation, a depreciating local currency and the abuse of the foreign currency auction, as a “national security matter”.
<h4>More: <a href="https://www.theindependent.co.zw/2022/03/04/taskforce-to-clampdown-on-currency-manipulators/">The Zimbabwe Independent</a></h4>

RBZ To Unleash Task Force On Currency Manipulators

The Reserve Bank of Zimbabwe (RBZ)’s Financial Intelligence Unit (FIU) is investigating cases involving some traders rejecting the $5 notes for payment for goods and services.
In a statement this evening, RBZ Governor John Panonetsa Mangudya said all notes issued by the Central Bank and in circulation, including the $5 notes are still legal tender. The statement read:
<blockquote>The Financial Intelligence Unit (FIU) is investigating cases involving traders who are rejecting $5 notes for payment for goods and services. Such conduct is not only counterproductive but also criminal.
Those affected or inconvenienced by this malpractice should report to the Bank, the FIU or the nearest police station.
The Bank urges all traders to conduct their operations within the confines of the law and respect consumers.
The Bank advises that all notes issued by the Bank and in circulation are still legal tender.</blockquote>
<a href="https://news.pindula.co.zw/2021/02/10/informal-traders-demonetise-z5-00-notes/" rel="noopener" target="_blank">Some informal traders such as tuckshops, vendors and other similar businesses have been for some time rejecting ZWL$5.00 notes.</a>

Mangudya Speaks On The Status Of Z$5 Banknotes

The Reserve Bank of Zimbabwe’s (RBZ) Financial Intelligence Unit (FIU) has reportedly reversed a recent directive to banks which limited internal transfers to just two per day.
The reversal of the directive followed representations made by the Bankers Association of Zimbabwe. An economic analyst, Happiness Zengeni tweeted:
<blockquote>The Financial Intelligence Unit has revoked a directive issued to banks limiting internal transfer amounts following representations made by the Bankers Association of Zimbabwe. On June 4, the FIU directed all banks to limit internal transfers to just two per day.</blockquote>
In a directive dated June 4, 2020, the FIU acting director-general, Oliver Chiperesa ordered banks to limit the number of internal transfers that can be processed inside a working day. He said in the notice:
<blockquote>Each bank customer shall make no more than two transactions per day by way of internal transfer regardless of the values involved.
There is no restriction on RTGS transfers but banks should exercise necessary due diligence.</blockquote>
Chiperesa said the measures have been put in place after realising a notable increase in the abuse of the internal bank transfers facility for purposes of parallel market dealings. He said:
<blockquote>We have noted a trend where entities are using their bank accounts to buy foreign currency using a network of runners, some of whom have been advertising their services on social media.
These illicit transactions manifest in the form of daily multiple payments from one account to beneficiaries who hold accounts in the same bank.</blockquote>

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