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Zimbabwe government steps up anti-terrorism financing efforts

Zimbabwe government steps up anti-terrorism financing efforts

Zimbabwe

The Zimbabwean government has stepped up efforts to plug illicit financial flows as part of promoting anti-money laundering and countering the financing of terrorism.

This was disclosed by the finance minister, Patrick Chinamasa when he addressed parliament on Thursday in a presentation of the country’s mid-year budget speech.

‘‘Government is implementing our National Anti-Money Laundering and Combating Financing of Terrorism Strategic Plan for 2015–2018. In this regard, guidance is drawn from the recommendations of the National Risk Assessment report conducted over the period 2014–2015, with assistance of the World Bank,’‘ he said.

The review also gives progress on our on-going re-engagement process with the international financial community.

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He further outlined practical measures the state was putting in place to deal with the financial crimes, among others setting up a special anti-money laundering investigation unit within the police and enhancing inter agency cooperation in the fight.

According to the presentation, Zimbabwe’s economy is now expected to grow 1.2 percent in 2016, from the 1.4 percent forecast earlier in the year. Also the budget deficit had already overshot the target in the first half of the year at $623 million, and that the shortfall for the whole year could rise above $1 billion, Reuters reports.

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The policy review according to the minister allows the government to take stock of developments during the first half of the year. It also provides members of parliament (MPs) an opportunity to consider necessary budget interventions to re-align their fiscal policy thrust.

‘‘The review also gives progress on our on-going re-engagement process with the international financial community,’‘ Chinamasa noted.

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The 2016 budget is under the theme, “Building a Conducive Environment that Attracts Foreign Direct Investment,” it focuses on Zimbabwe Asset implementation program. The framework for the budget is contained in a 10 point plan presented by President Mugabe in the State of the Nation Address delivered to parliament in August last year