Zimbabwe News and Internet Radio

10 years in jail for illegal forex dealers

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

File picture of forex dealers in Zimbabwe
File picture of forex dealers 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. DailyNews