Zimbabwe has curbed financial leakages by 50 %: Prof. Mthuli Ncube

Finance Minister Prof. Mthuli Ncube

ZIMBABWE has improved in terms of curbing financial leakages which dropped to 900 million United States dollars from 1.8 billion per annum.

According to the State media, this was revealed when Finance and Economic Development Minister, Professor Mthuli Ncube launched the second National Risk Assessment report on money laundering and terrorist financing in Harare this Monday.

According to a report released this Monday which shows that Zimbabwe could have lost more than 4.5 billion United States dollars between 2014 and 2018 had it not been for tight policies in stamping out smuggling and improved accounting systems.

Officially launching the report, Finance and Economic Development Minister Professor Mthuli Ncube said the considerable drop in financial leakages is a testimony of government’s commitment to retaining funds generated in the country.

“We are looking forward with optimism and it is our hope for more improvements,” said Professor Mthuli Ncube Minister of Finance and Economic Development

Reserve Bank of Zimbabwe Governor Dr John Mangudya added that removal of money laundering practices is important in preserving the value of local resources.

“Illicit financial inflows are not good for the country as they also have a negative effect on efforts to improve the capital base,” he said.

World Bank Country Manager for Zimbabwe, Mrs Mukami Kariuki weighed in saying the institution will continue to work with Zimbabwe on policies to remove illegal movement of funds from the country.

“The illicit transactions are always not good for the country and it is our zeal to focus on removing such activities,” said Dr John Mangudya Reserve Bank of Zimbabwe Governor. Chairperson of the National Taskforce for the report. Mr Mirirayi Chiremba noted that removal of illicit financial deals will save Zimbabwe millions in foreign currency.

“It is our hope and belief that the concerted efforts we are currently pursuing will also have a net positive effect in retaining foreign exchange inflows,” said Chiremba. The report also recommended continuous monitoring and evaluation of mineral declaration and proceeds, accounting of imports and exports and terrorist financing transactions.