THE Reserve Bank of Zimbabwe (RBZ) has ordered all banks to freeze accounts of at least four entities to pave way for investigations on alleged money laundering activities, Zim Morning Post has learnt.
The entities are Kuda Tagwirei’s Sakunda Holdings, Access Finance, Spartan Security and Croco Motors.
This publication gleaned a communique directed to all banks by Financial Intelligence Unit (FIU) dated Friday September 19.
“The FIU is carrying out analysis on the above named entities and their sister companies.
“As we carry out further analysis, you are directed to freeze, with immediate effect, all held in the names of the listed entities until further notice.
“You shall not process any withdrawals or transfers from the accounts, you should however allow deposits or other flows in the accounts.
“You shall immediately report to the Unit any deposit or inflow or attempted withdrawal or transfer from the accounts,” read the directive.
The development comes barely two days after a massive increase of the black market rates.
The FIU was established in 2004 in terms of section 3 of the Bank Use Promotion and Suppression of Money Laundering Act [Chapter 24:24].
The Unit exists as a Unit in the administrative establishment of the Reserve Bank of Zimbabwe, but has its own governing statutes, giving it a mandate distinct from that of the central bank.
The Unit bears the primary responsibility of ensuring Anti-Money Laundering and Countering Financing Terrorism (AML/CFT) compliance, but works in close cooperation with supervisory /regulatory bodies of the various types of designated reporting institutions to ensure that the regulated entities comply with their AML/CFT obligations.
The Unit also works with relevant stakeholders, in ensuring the investigation, prosecution, conviction of criminal offenders, and confiscation of recovered assets or funds.