JUSTICE, Legal and Parliamentary Affairs minister, Ziyambi Ziyambi, has called for a joint effort to tackle financial crimes, including money laundering and terrorism financing, in today's digital landscape.
Speaking at the third annual Zimbabwe Financial Crime Public Private Sector Dialogue conference in Harare on Thursday, Ziyambi said financial crimes were becoming rampant worldwide.
"In today's technological and internet age, cybercrime and the use of cryptocurrencies have provided criminals with new and sophisticated ways of committing age-old crimes that we have always known," he said.
"Technological advancement continues to present new challenges to regulators, law enforcement agents and financial institutions, who all play different but complementary roles in the anti-money laundering value chain."
Ziyambi stressed that addressing these challenges requires collective effort and strong cooperation between the public and private sectors.
His comments highlighted the importance of coordinated actions to strengthen financial systems' integrity and maintain accountability in an evolving global environment.
Ziyambi added that the conference provided an opportunity for public and private sector players to interact and exchange ideas in the fight against financial crimes.
"As the minister responsible for justice and also jointly responsible for administering the Money Laundering and Processes of Crime Act, my ministry has a keen interest and lends its full support to all initiatives on combating money laundering and other financial crimes, including initiating and steering relevant legislation whenever it is needed," Ziyambi said.
- Mr President, what message do you have for diasporan Zimbos at UNGA?
- Don't muzzle Gukurahundi survivors: UN
- UN has exposed ED deception
- Businessman piles pressure on top judge
Keep Reading
"Law enforcement agencies, financial institutions and other relevant stakeholders will soon access online a complete and up-to-date database of relevant company information, including beneficial ownership, as provided by law and guided by the Financial Action Task Force International Standards."
The conference allowed public and private sector stakeholders to engage in open dialogue, share expertise and propose policies to strengthen Zimbabwe's anti-money laundering framework.
Zimbabwe Financial Intelligence Unit director-general Oliver Chiperesa discussed implementing beneficial ownership transparency measures to tackle financial crimes.
"Requirements concerning beneficial ownership information include data maintained by the company registry and the beneficial ownership registry... and it must remain accurate and current," Chiperesa said.
He said countries should implement mechanisms to verify information accuracy and enforce effective penalties to deter non-submission or false reporting.
"The information should be made available to competent authorities in a timely manner... a computerised companies and BO registry where the information is accessible online."
Chiperesa concluded, "Ensuring transparency in corporate ownership is not just a regulatory obligation but a crucial step towards fostering trust and integrity in our financial system."
