Crimes and Courts
HARARE – Two employees of a Harare-based company appeared before the Harare Magistrates’ Court on Monday, facing charges of illegally transferring more than US$1.5 million to the United Arab Emirates without approval from the Reserve Bank of Zimbabwe (RBZ).
Kudzai Munatsi, 37, of Marondera, and Natash Matare, 25, of Kuwadzana 6, both employed by Global Packaging Services Investments (Pvt) Ltd in Belvedere, are accused of operating an unlicensed money transfer business and facilitating unauthorized external payments.
Prosecutors allege that between January and August 18 this year, the duo received cash from local clients and arranged equivalent payments to recipients in the UAE, bypassing RBZ regulations.
“The accused received cash in Zimbabwe and settled payments abroad without Exchange Control authority,” said a representative from the National Prosecuting Authority.
“These actions are in direct violation of the Exchange Control Act.”
The two were arrested on August 18 after a investigation uncovered the alleged illicit transactions. Law enforcement officials recovered receipt books and US$310,145 in cash believed to be linked to the illegal operations.
Munatsi and Matare face two counts:
· Making external payments without RBZ approval, contravening the Exchange Control Act [Chapter 22:05], and
· Money laundering by concealing the source and movement of the illicit funds.
The prosecution opposed bail, citing the seriousness of the offences and the risk of flight, but Harare Magistrate Mrs. Ruth Moyo granted each accused US$500 bail. The case was remanded to September 15 for further investigation.
This case highlights ongoing efforts by Zimbabwean authorities to clamp down on illegal foreign currency trading and money laundering activities, which undermine the country’s financial stability.
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