Zimbabwe

New Documents

Basel Institute, Zimbabwe Anti-Corruption Commission Meet to Discuss Anti-Corruption Efforts

The Basel Institute on Governance announced that its International Centre for Asset Recovery participated in a four-day meeting in Zimbabwe from March 9 to March 13, 2020, in order to discuss issues surrounding the country’s measures against corruption and its efforts to recover illicit assets.

March 27, 2020

White House Continues National Emergency on Zimbabwe

The White House extended the national emergency against Zimbabwe for an additional year. The order blocks the property of certain individuals that have contributed to the breakdown of democratic processes in Zimbabwe.

March 4, 2020

ESAAMLG Follow-Up Report Re-Rates Zimbabwe as Largely Compliant, Compliant with 10 FATF Recommendations

October 24, 2019

Reserve Bank of Zimbabwe Issues Circular Restricting Virtual Currency Transactions

May 14, 2018

ESAAMLG Publishes Follow Up Report for Second Mutual Evaluation of Zimbabwe’s AML/CTF Measures

October 27, 2017

News

Kleptocrats of the World Have United: Author

Financial Times correspondent Tom Burgis spoke to senior reporter Koos Couvée about modern kleptocrats, the extent to which they have united their efforts, and aided by top attorneys and secret offshore finance, penetrated “rule of law” states in the West.

October 5, 2020

Midweek Roundup: EBA to Probe Lapses in Supervision of Dos Santos’ Affairs, Global Banks Review Hong Kong Clients’ Political Ties, and More

Swiss banks close accounts of Russia-led intergovernmental group, Wirecard investors to sue BaFin, EY over accounting scandal, and more, in the midweek roundup.

July 22, 2020

Weekly Roundup: Russia-Taliban Bounties Leave Financial Trail, Goldman Sachs Seeks to Avoid 1MDB Guilty Plea, and More

July 2, 2020

Weekly Roundup: Wirecard Chief Resigns After $2 Billion Goes Missing, Head of Swiss FIU Leaves Post, and More

June 19, 2020

Midweek Roundup: UK Compliance Officer Laundered Ł40 Million, Chinese Banks Freeze North Korean Accounts, and More

September 13, 2017

Enforcement Actions

0 Items Found

Key Documents

Zimbabwe Enacts Legislation to Prevent Financial Crime, Encourage Use of Banks

September 1, 2004

Zimbabwe's FIU Issues AML/CFT Guidelines

April 1, 2006

Zimbabwe Sets Penalties for Serious Offences, Money Laundering

September 10, 2002

Zimbabwe Enacts Law on Assistance of Foreign Countries in Criminal Matters

September 10, 2002

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 : 18 High : 0
Largely Compliant : 12 Substantial : 0
Partially Compliant : 6 Moderate : 2
Non-Compliant : 4 Low : 9

A "graylisted" country as of Oct. 18, 2019. Zimbabwe's technical compliance was re-rated in a Oct. 21, 2019 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