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Chinamasa Blames Police For Failing To Arrest Illegal Forex Traders, Says Law Is There

5 years agoThu, 07 Jun 2018 14:31:10 GMT
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Chinamasa Blames Police For Failing To Arrest Illegal Forex Traders, Says Law Is There

 

Minister of Finance and Economic Planning Patrick Chinamasa has blamed the Zimbabwe Republic Police for failing to implement the law which criminalises illegal trade in foreign currency. Illegal foreign currency traders have increased since the government introduced the Bond Notes.

Speaking in Parliament, Chinamasa,

We have the law that caters for that situation, the Exchange Control Act, Bank Use Promotion Act, which we recently amended. What is needed as we go forward is enforcement of the existing laws by arresting, confiscating, prosecuting those who are found involved in illegal exchange of money. What we encourage is to ensure that personnel who will be involved in enforcing these laws are adequately trained as you know this law is very typical, all enforcement agencies, police, prosecutors and officers at Zimbabwe Anti-Corruption Commission they need adequate training so that they will carry out their mandate from an informed position.

In January the Zimbabwe Republic Police has complained that it is finding it hard to remove the cash dealers from the streets because of the difficulty of arresting them.

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