Zimbabwe

New Documents

The Reserve Bank of Zimbabwe announced that the Financial Intelligence Unit identified 30 individuals involved in abusing mobile telecommunications services and other social media platforms to promote illegal foreign exchange transactions and facilitate money laundering activities.

The government of Zimbabwe published its National Anti-Money Laundering and Combating Financing of Terrorism Strategic Plan for 2020 to 2025, which sets of the direction and priorities the country intends to adopt in order to prevent financial crime.

News

Enforcement Actions

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Important Facts

  • The U.S. State Department identifies Zimbabwe as a jurisdiction of primary concern. Although the country is not a regional financial center, Zimbabwe still faces serious problems related to money laundering and corruption. Financial crime often takes the form of violations of exchange control rules, underground banking, non-transparency in diamond production receipts, cross-border crime and increased cooperation between criminal organizations and legal business activity. Regulatory and enforcement deficiencies in Zimbabwe’s anti-money laundering and counterterrorist financing regime leave the country exposed to illicit finance risks. Commercial banks, building societies, money lenders, insurance brokers, realtors and lawyers are especially vulnerable to the risk of money laundering. The United States, Canada, Australia and the European Union (EU) have imposed targeted financial sanctions and travel restrictions on political leaders and a limited number of private companies and state-owned enterprises for complicity in human rights abuses and for undermining democratic processes in Zimbabwe. In November 2014, the EU suspended restrictions on 89 individuals and eight entities. However, the United States still maintains sanctions against a large number of individuals and entities associated with the Zimbabwean government.
  • KYC Covered Entities: Commercial banks, acceptance houses, discount houses, money transfer agencies, bureaux de change, legal practitioners, accounting firms, pension funds, real estate agents, cash dealers, and finance houses
  • STR Covered Entities: Commercial banks, acceptance houses, discount houses, money transfer agencies, bureaux de change, legal practitioners, accounting firms, pension funds, real estate agents, cash dealers, and finance houses
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: N/A; Convictions: N/A
-Source: 2016 International Narcotics Control Strategy Report(INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 21 High : 0
Largely Compliant : 13 Substantial : 0
Partially Compliant : 6 Moderate : 2
Non-Compliant : 0 Low : 9

A "graylisted" country as of Oct. 18, 2019. Zimbabwe's technical compliance was re-rated in a June 17, 2021 follow-up report

BASEL i

Rank : 21/141
Score : 6.54/10

TRANSPARENCY INTERNATIONAL i

Rank : 158/180
Score : 24/100

Tax Justice Network i

Rank : N/A
Score : N/A