Zimbabwe: Trust accounts linked to money-laundering activities

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April 18, 2017

Finance minister Patrick Chinamasa has disclosed that several trust accounts were being investigated by the Reserve Bank of Zimbabwe’s (RBZ) financial intelligence unit, amid suspicion that they were involved in money-laundering activities.  In a ministerial statement issued last week, Chinamasa said the RBZ’s probe team had received a total of 474 suspicious transaction reports involving trust accounts run by professional bodies.

He said this was a 2,5% increase in the number of suspicious cases reported during the same period in 2015. “Over this period, 80% of the suspicious transaction reports were lodged by the banks, with money transfer agencies and an insurance company accounting for the remaining 20%,” Chinamasa said.