Financial management policies under scrutiny

By ZBC Reporter

A team of experts from the Financial Action Taskforce (FATF) will be in Zimbabwe next week to assess progress on compliance with anti-money laundering policies.

A statement from the Financial Intelligence Unit of Zimbabwe reveals the visit comes when central bank and fiscal authorities are putting in place measures to curb illicit financial deals.

According to the statement, the experts are also expected to meet members of the private and public sectors of the economy.

Illicit financial deals have of late come at a cost to the economy due to irregular money outflows.

In its preliminary findings, the Financial Action Taskforce (FATF) recommended Zimbabwe on progress in addressing certain areas on illicit financial transactions.

Some of the anti-money laundering reforms which Zimbabwe has put in place include developing risk-based supervision framework for financial institutions and adequate risk mitigation strategies.

The visit is also expected to act as a guideline for the country’s commitment to anti-money laundering policies.

After the meetings, the experts will be compiling a report to determine whether the country has fully complied with set directives.

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