Overview
The Financial Intelligence Unit 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 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.
Accountability
The Financial Intelligence Unit is an autonomous regulatory body responsible for the regulation and supervision of financial services business conducted in and from with The Republic of Zimbabwe. The Unit maintains accountability through regular reporting to the Minister of Finance, pursuant to the Bank Use Promotion Act.
The Director-General of the Unit chairs the Anti-Money Laundering Advisory Committee (AMLAC), which is responsible for policy formulation. The Committee is selected by the Minister of Finance.
Our Mission
To fully implement domestic, regional and international best practices and standards on AML/CFT, with particular emphasis on achieving effectiveness in line with the FATF Standards.
The establishment of the comprehensive AML/CFT framework shall be achieved through the engagement of human and technical resources, amongst local and international stakeholders.
Functions
The Unit exists as a Unit of the Reserve Bank of Zimbabwe, but has its own governing statutes, giving it a mandate distinct from that of the central bank.
We focus our efforts in these areas:
SUSPICIOUS TRANSACTION REPORTS
To receive Suspicious Transaction Reports (STRs) from financial institutions and Designated Non Financial Businesses and Professions.
ANALYZE
To analyze the Suspicious Transaction Reports (STRs).
DISSEMINATE
To disseminate the STRs in the form of financial intelligence to appropriate law enforcement agencies for further investigation and /or prosecution.
COMBAT MONEY LAUNDERING
The Unit is also mandated with promoting the usage of banks as a way to combat money laundering as well as promoting financial inclusion.