Money Laundering And Proceeds of Crime Act To Be Amended4 years ago
The government is pushing for amendments to the Money Laundering and Proceeds of Crime Act to give powers to the Zimbabwe Republic Police (ZRP), the Zimbabwe Anti-Corruption Commission (ZACC), and the Zimbabwe Revenue Authority (ZIMRA) to force individuals to explain their source of wealth. Part of the proposed bill reads:
To combat money laundering, terrorist financing, tax evasion and corruption, it has become necessary to give powers to Zacc, Zimra and ZRP to elicit explanations from persons who exhibit great wealth without having any apparent lawful means of obtaining such wealth.
Accordingly, a new part will be inserted in the Money Laundering and Proceeds of Crime Act providing for unexplained wealth orders issued by the High Court at the insistence of Zacc, Zimra or ZRP.Feedback
These orders will require the addressee to explain his or her wealth and provide supporting documentation, therefore.
If a suspect fails to explain the source of suspicious wealth, he or she will lose the wealth.
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