The Securities and Exchange Commission of Zimbabwe (SECZ) launched the Anti-Money laundering and Combating Financing of Terrorism (AML/CFT) handbook for the Securities Market at its offices in Borrowdale on Wednesday the 25th of September 2019.
The handbook seeks to assist Securities Market Intermediaries (SMIs) understand their obligations in the fight against money laundering and terrorist financing in the securities sector. It will help SMIs in conforming with the Money Laundering and Proceeds of the Crime Act [9:24], Financial Action Task Force (FATF) standards on AML/CFT and promote use of proportionate risk-based approach to customer due diligence.
The launch was graced by guests from the Securities Market, representatives from the Ministry of Finance and Economic Development, SECZ employees and members of the media.
Mr. Tirivafi Nhundu gave a high-level outline of the handbook whilst Mr. Mirirai Chiremba from the Financial Intelligence Unit (FIU) emphasised the importance of anti-money laundering and combating financing of terrorism mechanisms. He pointed out that Zimbabwe needs to urgently Address the effectiveness of its anti-money laundering and combating financing regimes, failure of which will see Zimbabwe being eliminated from the international financial systems.
The Director of Capital Markets, Mrs. Judith Rusike from the Ministry of Finance and Economic Development delivered the keynote address, after which she declared the handbook officially launched..
Speakers at the launch commended the Commission for issuing the handbook as it would provide themuch-needed guidance and ensure compliance with AML/CFT legislation by SMIs.
The launch of the handbook also marked a three-day training programme designed to help officers of regulated entities to put in place controls to prevent financial crimes in their businesses.