Edgars In Trouble For Violating Money Laundering Laws
Edgars Stores has been fined $100 000 for failing to comply with Reserve Bank of Zimbabwe’s Section 11 of the Bank Use Promotions Act which seeks to stem money laundering.
Under the Act, the company was supposed to make disclosures or submit cash sales and deposits of each previous week business transactions.
Edgars Stores branch in Eastgate Mall in central Harare, which was represented by Mr Timoth Tinarwo, pleaded guilty to violating the regulation for over seven weeks before magistrate Mrs Loice Mukunyadzi.
Prosecutor Ms Mercy Ungandidii said the RBZ served Edgars with a disclosure order on July 20, as part of its drive to ensure that businesses were complying with the Bank Use Promotion Act, which requires daily banking of cash.
In a different but related case, Kingdom Paints was fined $4 800 for violating the same regulation after also pleading guilty.
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Previously, a Chinese brick manufacturing firm, Silver Dragon, was also penalised for violating same regulation after it allegedly failed or neglected to submit such returns from June 30 to September 1, 2020, to the RBZ.
More: The Herald