New Ziana – The Zimbabwe government has approved the principles for amending key pieces of legislation related to money laundering, terrorism financing, and customs.
The move comes as the country prepares for the next round of assessments by the Financial Action Task Force in 2026.
FATF was formed by the 1989 G7 Summit in Paris to combat the growing problem of money laundering. It was charged with studying money laundering trends, monitoring legislative, financial and law enforcement activities taken at the national and international level, reporting on compliance, and issuing recommendations and standards to combat money laundering.
In its first year, FATF issued a report containing forty recommendations to more effectively fight money laundering. These standards were revised in 2003 to reflect evolving patterns and techniques in money laundering.
The mandate of the organisation was expanded in 2001 to include terrorist financing following the September 11 terror attacks.
Together, the Forty Recommendations on Money Laundering and eight (now nine) Special Recommendations on Terrorism Financing set the international standard for anti-money laundering measures and combating the financing of terrorism and terrorist acts.
Information, Publicity and Broadcasting Minister Dr. Jenfan Muswere said during its sitting on Wednesday, Cabinet had considered and approved the proposed amendments to the Money Laundering and Proceeds of Crime Act, the Suppression of Foreign and International Terrorism Act, and the Customs and Excise Act.
“Zimbabwe subscribes to the international standards on combating Money Laundering, Financing of Terrorism and Financing of Proliferation of Weapons of Mass Destruction as set out in the FATF’s Forty Recommendations.
“The proposed amendments are meant to address remaining gaps in the country’s legal and institutional framework in these critical areas,” he said.
He added that the key changes include amending sections 11 and 12 of the Money Laundering and Proceeds of Crime Act, which will also necessitate amendments to sections 27 and 55 of the Customs and Excise Act. The alignment of the two Acts aims to strengthen the country’s anti-money laundering and counter-terrorism financing measures, he said.
“By updating our legislation, we are demonstrating our commitment to international standards and our determination to combat financial crimes that undermine our economic stability and national security,” he said.
The proposed amendments come at a critical time for Zimbabwe, as the country prepares for the next round of FATF assessments in 2026.
These assessments are crucial in determining the extent to which member countries are implementing the global body’s standards.
The government’s move to strengthen its anti-money laundering and counter-terrorism financing laws is widely seen as a positive step towards enhancing the country’s financial integrity and safeguarding its economic interests.
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