10 years in jail for illegal forex dealers

HARARE - A new law came into force yesterday prescribing a 10-year jail term for unlicensed foreign currency traders in Zimbabwe.

The new law that amends the Exchange Control and Money Laundering and Proceeds of Crime Act says those convicted will also have money confiscated from them forfeited to the State.

This comes after President Emmerson Mnangagwa has said he was moving to deal decisively with unscrupulous Zanu PF bigwigs and business people who are involved in the illegal trading of foreign currency in the country.

Mnangagwa is using temporary emergency powers to crush the rampaging foreign currency black market that he blames for fuelling price increases. He also warned that he would bring “grief” to some banking executives — including officials at the Reserve Bank of Zimbabwe (RBZ) — whom he accused of aiding and abetting the illegal trading in foreign currency.

This comes as the government has come under immense pressure to end the current economic turmoil which began when authorities recently unveiled a slew of measures aimed at reviving the haemorrhaging local economy.


 

Comments (3)

Just another waste of time. We all need forex, companies need it too and if they cant get it through formal channels then we all go to the black market. This law has always been there and we will do our deals underground and the forex premium we go up. There is no forex in banks, there is no bureau de change so where do you get forex when you need it, this country is in fact closed for business.

Baba Mary - 14 November 2018

ED, hapana hapana, you will write new laws until you resign hapana , we all need dollars not your virtual money, dealers will always be there and smarter, even policemen need the dollar. The dollar is powerful.

Baynda - 14 November 2018

ED you need support from us because you have a great vision

ED PFEE - 14 November 2018

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