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Govt working on laws to enable it to freeze bank accounts involved in illegal transactions - Chinamasa

6 years agoThu, 28 Sep 2017 09:25:43 GMT
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Govt working on laws to enable it to freeze bank accounts involved in illegal transactions - Chinamasa

Finance and Economic Development Minister Patrick Chinamasa has said that the government was working on new legislation to enable authorities to freeze bank accounts and to seize funds earned through illegal transactions.

We are worried about the presence of city vendors buying and selling currency in the streets. We are taking measures to ensure the police are empowered to arrest those elements and seize whatever currency involved. Where we establish that the illegal transactions were done through bank accounts, the legislation will empower the freezing of those bank accounts. We are also going to trace and understand the trail of money whether bond notes or US dollars, as that money leaves the central bank, goes to the commercial banks and finally to the customers. We will find the weak links and then close the loopholes.

 

The four-tier pricing system where traders would charge a price for cash US dollars, a different price for cash bond notes, one for RTGS and another for Ecocash should also come to an end.

More: Herald

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