Zimbabwe

New Documents

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.

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.

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 : 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 : 13/125
Score : 6.87/10

TRANSPARENCY INTERNATIONAL i

Rank : 158/180
Score : 24/100

Tax Justice Network i

Rank : N/A
Score : N/A