Ziyambi Calls to Action Joint Efforts to Combat Financial Crimes

Business Correspondent

Justice Minister Ziyambi Ziyambi has emphasized the need for a joint effort to combat financial crimes, particularly money laundering and terrorism financing, in the context of today’s digital landscape.

Speaking at the third annual Zimbabwe Financial Crime Public Private Sector Dialogue conference in Harare, Ziyambi highlighted the increasing prevalence of financial crimes globally, exacerbated by advancements in technology and the rise of crypto currencies.

Key Points from the Conference

1. Technological Challenges: Ziyambi noted that the technological advancements have created new challenges for regulators, law enforcement, and financial institutions. These entities must work together to address the complexities introduced by cybercrime and digital currencies.
2. Collective Efforts: He stressed that tackling these challenges requires strong cooperation between the public and private sectors. This collaboration is essential for enhancing the integrity of financial systems and ensuring accountability.
3. Legislative Support: Ziyambi reaffirmed his ministry’s commitment to supporting initiatives aimed at combating financial crimes, including the development of relevant legislation as necessary.
4. Database Accessibility: He announced plans for law enforcement and financial institutions to access an up-to-date database of company information, including beneficial ownership, which is crucial for effective monitoring and enforcement.

Insights from Financial Intelligence Unit

Oliver Chiperesa, the director-general of the Zimbabwe Financial Intelligence Unit, discussed the importance of beneficial ownership transparency in fighting financial crimes.

He emphasized that maintaining accurate and current data in company registries is vital for effective regulation. Chiperesa also called for mechanisms to verify the accuracy of this information and enforce penalties for non-compliance.

Conclusion

The conference served as a platform for stakeholders from both the public and private sectors to engage in dialogue, share expertise, and propose policies aimed at strengthening Zimbabwe’s anti-money laundering framework. Ziyambi’s remarks underscore the critical need for coordinated efforts to adapt to the evolving landscape of financial crime in the digital age.

Zim GBC News©2024