Anti-money laundering (AML) refers to the laws, regulations and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income.
The AML framework in Zimbabwe is established through the Money Laundering and Proceeds of Crime Act -Chapter 9:24; (MLPCA), which is an act to suppress the abuse of the financial system and enable the unlawful proceeds of all serious crime and terrorist acts to be identified, traced, frozen, seized and eventually confiscated. ZIMRA has a section dealing with anti-money laundering in partnership with the Financial Intelligence Unit from Reserve Bank of Zimbabwe (RBZ)
Though anti-money laundering laws cover a limited range of transactions and criminal behavior, their implications are far-reaching. For example, AML regulations require banks and other financial institutions that issue credit or accept customer deposits to follow rules that ensure they are not aiding money-laundering.
Why Anti-money laundering (AML)
- Anti-Money Laundering (AML) seeks to deter criminals by making it harder for them to hide ill-gotten money.
- Criminals use money laundering to conceal their crimes and the money derived from them.
- AML regulations require financial institutions to monitor customers' transactions and report on suspicious financial activity.
Reporting Suspicious Activity.
Report Money Laundering activities to ZIMRA on the following email address: