THE Reserve Bank of Zimbabwe’s (RBZ) Financial Intelligence Unit (FIU) is set to hire 20 more experts to increase and strengthen financial crimes detection capacity.
FIU director general Oliver Chiperesa said the new staff will also assist in plugging money laundering crimes .
Chiperesa told a local weekly newspaper that the new experts will strengthen the unit’s supervision and monitoring of non-bank financial institutions , including designated no financial businesses.
He hinted that suspicious transactions by professionals such as lawyers, accountants, estate agents , casinos and precious stone dealers could also be easily monitored to improve compliance with anti-money laundering and counter financing terrorism regulations.
“Unlike banks which have in place stronger controls , most of these other sectors have not yet reached the level of compliance that we want them to be at.
“They submit far fewer suspicious transaction reports than they should.
“So with increased FIU capacity, we will see more and more transactions being reported by other sectors instead of current status where it is mostly banks that report,” added Mr Chiperesa.
“Capacity enhancement in the FIU should be mirrored in other law enforcement agencies.
Over 20 local businesses have been slapped with heavy penalties by the FIU for manipulating the foreign currency exchange rate through illicit currency trading and abusing the foreign currency auction system.