LEGAL FRAMEWORK

Attachments:

Zimbabwe’s AML/CFT legal framework consists mainly of the following pieces of legislation:

  • Money Laundering and Proceeds of Crime Act [Chapter 9:24];
  • Bank Use Promotion Act [Chapter 24:24];
  • Suppression of Foreign and International Terrorism Act [Chapter 11:21];
  • Statutory Instrument 76 of 2014: Suppression of Foreign and International Terrorism (Application of UNSCR 1267 of 1999 and UNSCR 1373 of 2001).

Other relevant pieces of legislation include:

  • The Criminal Law (Codification and Reform) Act [Chapter 9:23]
  • Criminal Matters (Mutual Legal Assistance) Act [Chapter 9:06]

Zimbabwe’s AML/CFT legal framework provides for the following, among other things:

  • Establishes the Financial Intelligence Unit and provides for its powers and functions;
  • Sets out the AML / CFT obligations of financial institutions and Designated Non- Financial Businesses and Professions (DNFBPs) and prescribes penalties for breach thereof;
  • Criminalizes money laundering and financing of terrorism;
  • Provides for the implementation of the United Nations Security Council Resolution 1267 of 1999 (and its successor resolutions) and UNSCR 1373 of 2001.