Illegal ‘Money Changers’ To Face 10 Years Behind Bars As Gvt Effects New Law
President Emmerson Mnangagwa has effected a new law that will see illegal money changers being sentenced to up to ten years in jail, while ill-gotten wealth will be confiscated.
Under regulations that come into effect tomorrow, Government will track unexplained movement of money in the financial system.
President Mnangagwa’s intervention, which involves amending the Exchange Control and Money Laundering and Proceeds of Crime Acts, is through constitutional provisions of the Presidential Powers (Temporary Measures) Act.
The new law prescribes a maximum 10-year custodial sentence for money changers and authorities will be empowered. through the Unexplained Wealth Orders Statute to confiscate ill-gotten wealth.
Justice, Legal and Parliamentary Affairs Minister Ziyambi Ziyambi said:
“Our teams have been working tirelessly on the laws for the past few weeks and the legislation is ready for gazetting. It will be issued through an Extraordinary Government Gazette.”
Mnangagwa labelled market activities as a security threat that his administration would not tolerate.
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