By Stanley James
ZIMBABWE’s financial markets have received a boost after the country’s removal by the Financial Action Task Force (FATF), from a list of economies not complying with anti-money laundering and counter financing of terrorist systems.
This Friday the Financial Action Task Force (FATF) announced Zimbabwe’s removal from the list of countries that are considered to be non-compliant in implementing anti-money laundering and counter financing of terrorism standards.
In a statement, the FATF cited progress made in stamping out illicit deals as well as corrective actions taken by Zimbabwe in dealing with anti-money laundering systems.
Responding to the move, Finance and Economic Development Minister, Professor Mthuli Ncube in a statement this Saturday described the latest move as a vote of confidence by the international community on Zimbabwe.
He also thanked treasury officials, the Financial Intelligence Unit (FIU) and the Reserve Bank of Zimbabwe including public and private sector players for their contributions that resulted in the country being removed from the grey list.
Zimbabwe was placed on the FATF Grey List in 2019 due to anti-money laundering deficiencies noted by the regulatory body.
The development has been hindering local banks and traders to carry out global transactions smoothly as the economy was considered risky for financial deals.
The Financial Action Task Force (FATF) is a global body with the mandate of evaluating compliance to anti-money laundering system and illicit financial deals by nations.