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 safeguard the integrity of the financial system through detecting, preventing and combating money laundering, terrorist financing and related financial crimes.
Our Vision
A safe and secure financial system resilient to financial crimes.
Functions
- To coordinate national measures and activities for combating money laundering, terrorism financing and related financial crimes.
- To analyse financial data and produce financial intelligence reports for dissemination to law enforcement agencies and other competent authorities.
- To supervise and monitor financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs) to ensure compliance with anti-money laundering and counter financing of terrorist requirements.
- To monitor and enforce compliance (by traders) with the provisions of the Bank Use Promotion Act and Exchange Control Act.