Zim off counter terrorism financing grey list
Harare (New Ziana) – Zimbabwe was removed from the list of countries that are not compliant in implementing anti-money laundering (AML) and counter financing of terrorism (CFT) standards, Finance and Economic Development Minister Prof Mthuli Ncube has said.
Zimbabwe was placed on the Financial Action Task Force FATF’s “grey list” in October 2019, following a Mutual Evaluation (assessment) process that identified a number of deficiencies in the country’s implementation of the AML/CFT Standards.
Ncube said the development followed an On Site Evaluation exercise carried out in January 2022, by the Financial Action Task Force (FATFF).
“The removal from the FATF’s grey list is yet another vote of confidence by the international community, which continues to recognise the growing list of achievements by the Second Republic, under the leadership of His Excellency,the President, Dr. Emmerson Dambudzo Mnangagwa.
“I commend the National Task Force on AML/CFT comprising the Treasury, the Financial Intelligence Unit (FIU), the Reserve Bank of Zimbabwe and over 80 stakeholders drawn from both the public and private sectors on the successful implementation of the FATF Action Plan, whose contributions culminated in the de-listing of the country from the “grey list”, ” he said.
Prof Ncube said adherence to strict AML/CFT standards enhances the country’s image as a safe destination for investment; strengthens the domestic financial sector, and builds on the confidence of stakeholders.
“The fight against money laundering and terrorism financing therefore remain an ongoing process, which shall not end with the country’s exit from the “grey-list”.
“My Ministry, which is responsible for overall AML/CFT oversight, will continue to provide all the necessary support to the FIU and to ensure continuous enhancement of the country’s capacity to combat money laundering and related financial crimes, for the good of the Zimbabwean economy, “he said.