By Staff Reporter
Zimbabwe has been removed from an international list of economies which are considered to be non-compliant with anti-money laundering and counter financing of terrorist systems.
The announcement which was made by the Financial Action Task Force FATF comes as a relief to the country’s financial markets which were suffering from the effects of the listing.
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.
Finance and Economic Development Minister, Professor Mthuli Ncube described the development 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.