One Billion US Dollars Laundered in Zimbabwe

Home>>World

Last updated at: (Beijing Time) Friday, July 05, 2002

One Billion US Dollars Laundered in Zimbabwe

DISCUSSION

CHINESE

SEND TO FRIEND

Zimbabwe's National Economic Consultative Anti-Corruption Task Force (NECATF) said Thursday that over the past six to seven years about one billion US dollars have been laundered and externalized from the country.

The money laundering is one of the biggest crimes in Zimbabwe, NECATF Spokesman Nhlanhla Masuka told reporters after a meeting inHarare.

"The Money Laundering Bill is almost ready for presentation to parliament as it will assist law enforcement agents to arrest one of the biggest acts damaging the economy," the spokesman said.

He said the task force concurred that there was need for more stringent enforcement of existing laws to deal with illegal trading in foreign exchange, which had become rampant in the country.

The task force felt that certain laws were needed in the economy as the Serious Offenses Act was too cumbersome and complicated to be a good law.

It was in the interest of everybody that the country had an independent anti-corruption commission which the NECATF had been spearheading over the last two years.

The commission, Masuka said, needed supportive legislation, which outlined the punitive measures to be taken against offenders.

Questions?Comments? Click here

FM Spokesman on Chinese Diplomat Killed in Kyrgyzstan ( 16 Messages)

China Races to Replace US as Economic Power in Asia: NY Times ( 24 Messages)

Shanghai Plans Asia's Biggest Shopping Center ( 3 Messages)

China to Boost the Service Sector to Create More Jobs ( 40 Messages)

Chinese Scientists to Head for Suspected ET Relics ( 40 Messages)