RBZ Unfreezes Accounts Belonging To One Of Money Laundering Accused Moguls
In yet another of now ceremonial Reserve Bank of Zimbabwe flip flops, the central bank has acquitted financial trader Access Finance of money laundering allegations allegedly after some internal investigations.
The Bank has of late been involved in incoherent policies in a bid to try and control the runaway US Dollar exchange rate to the Zimbabwean Dollar.
Access Bank accounts were frozen in September together with those of perennial money laundering accused Sakunda and Croco Motors after being accused of fuelling the black market with foreign currency.
The Reserve Bank of Zimbabwe (CBZ) froze the accounts of four companies a day after the local currency took a dramatic tumble on the parallel market.
The RBZ said it had frozen all outgoing transactions on bank accounts held by Access Finance, Croco Motors, Spartan Security and Sakunda Holdings to facilitate a money-laundering investigation.
Sakunda, which has now diversified after starting off as a petroleum company, is owned by Kudakwashe Tagwirei, an ally of President Emmerson Mnangagwa and now part-owner of the Commercial Bank of Zimbabwe.
Spartan Security is linked to the Mnangagwa family through one of his sons.
A memo sent to all banks by the central bank acting head of the Financial Intelligence Unit, Wonder Kapofu, said: “The FIU is carrying out analysis on the above-named entities and their sister group companies. As we carry out further analysis, you are directed to freeze, with immediate effect, all accounts held in the names of the listed entities until further notice.
“You shall not process any withdrawals or transfers from the accounts. You should, however, allow deposits or other flows into the accounts.”
Reports from sources within the RBZ revealed however that Access, which has emerged as one of the biggest dealers and embarked on a massive in-store rollout in partnership with Delta, Electrosales, Gain Cash & Carry and Zimnat Lion Insurance had not violated the law.
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