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Zimbabwe One Of Countries At High Risk Of Money Laundering - Governance Institute

2 years agoFri, 01 Oct 2021 15:35:48 GMT
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Zimbabwe One Of Countries At High Risk Of Money Laundering - Governance Institute

A report by the Swiss-based Basel Institute on governance says Zimbabwe is one of the countries at high risk of money laundering.

The report titled Basel anti-Money Laundering (AML) Index 2021: 10th Public Edition Ranking Money Laundering and Terrorist Financing Risks Around the World, ranks Zimbabwe Number 12 out 110 covered countries.

The Basel Institute said Zimbabwe was only behind Haiti, the Democratic Republic of the Congo (DRC), Mauritania, Myanmar, Mozambique, Cayman Islands, Madagascar, Mali, Senegal, Uganda and Cambodia in the rankings.

In sub-Saharan Africa, where 18 jurisdictions were covered, Zimbabwe is Number 8, behind the DRC, Mauritania, Mozambique, Madagascar, Mali, Senegal and Uganda.

The report said Ghana and Botswana had the least risk of money laundering in the region. The Basel Institute said:

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Sub-Saharan Africa region has the highest overall risk score of all regions. Although data is lacking, of particular concern is the quality of AML / CFT (Counter Financing of Terrorism)frameworks, where some jurisdictions (Democratic Republic of the Congo and Mauritania) have a risk score over 8 out of 10. Apart from Mauritius and Botswana, most assessed jurisdictions face high risks of bribery/ corruption and financial transparency/standards. Zimbabwe’s risk score increased since 2020, due mostly to higher risks of human trafficking.

 
The report noted that higher risks across the region may in part be due to the presence of several developing economies with high levels of corruption and political/economic instability.

More coordinated regional policies and capacity building could help to bring weaker jurisdictions up to standard, it said.

The report noted that these issues need to be addressed through broader long-term policies, although more effective compliance could contribute to efforts to detect and prevent corruption.

The report comes after the Zimbabwe Anti-Corruption Commission (ZACC) had estimated that US$1.3 billion is being siphoned out of the country every year and the countries that benefit ironically accuse the Government of corruption.

More: Zimbabwe Independent

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