The Financial Intelligence Unit (FIU) of Zimbabwe was admitted as a member of the Egmont Group of FIUs during the 29th Egmont Group Plenary held in Abu Dhabi, United Arab Emirates from 3rd to 7th of July 2023.
The admission was a culmination of a rigorous process in which Zimbabwe had to put in place various legal and administrative measures in order to meet the Egmont Group’s admission criteria.
The Egmont Group is a global umbrella body of the world’s FIUs that promotes cooperation, development and exchange of information among the world’s FIUs. The FIUs of Lesotho, Iraq and Laos PDR were also admitted during the meeting, bringing the number of member FIUs to 170.
The FIU Director General Mr. Oliver Chiperesa expressed optimism that the FIU’s admission to the Egmont Group will significantly enhance the country’s effectiveness in combating money laundering, terrorism financing and related financial crime:
“We are excited by this significant step, which was long overdue. Membership to the Egmont Group will enable the Zimbabwe FIU to access and seamlessly exchange financial intelligence with FIUs from 169 other countries. Cross-border cooperation by FIUs and law enforcement agencies has become increasingly important as financial crime often assumes cross-border dimensions. The objective is to give criminals as little space as possible to move or conceal ill-gotten wealth – and when they do, to make it easier to track the proceeds through international cooperation.
The Zimbabwe FIU becoming an Egmont Group member also fits in very well with the Government endorsed National Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Strategy under which we are working tirelessly with all relevant stakeholders to strengthen the country’s AML/CFT regime in line with the international standards.”
The 29th Plenary meetings were held under the theme: “Use of Advanced IT Technologies by FIUs to Enhance their Operations.”