Zimbabwe Central bank freezes Chinese company bank accounts


The Reserve Bank of Zimbabwe has frozen the bank accounts belonging to an entity only identified as China Nanchang for allegedly engaging in money laundering activities.

We present RBZ’s statement in full below.

FREEZING OF ACCOUNTS USED FOR PARALLEL MARKET ACTIVITIES
Earlier today, the Reserve Bank of Zimbabwe (“the Bank”) issued a statement raising its concern on the illegal activities of foreign exchange rate manipulators who have been engaging in activities that have exerted pressure on the exchange rate in the last few days.

The Bank escalated the matter to the Financial Intelligence Unit CFIU”) for investigation and the FIU has so far identified one entity (China Nanchang), which has used its bank account to inject millions of dollars into the parallel market in the last few days.

The FIU has ordered the freezing of the identified account pending further analysis and is undertaking ongoing surveillance to identify more culprits involved in the parallel market transactions, particularly on the Ecocash platform.

The Bank remains focused on its mandate to ensure market stability. To this end, the Bank will work closely with the FIU to identify and take appropriate action, in terms of the law, against any culprits involved in illicit foreign currency activities and manipulation of the foreign exchange rates.
John P Mangudya Governor 24 January 2020

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Source: Pindula