Reserve Bank of Zimbabwe has frozen momentarily the accounts of 30 persons suspected to have involved in money laundering and illegally using telecommunications for such purpose last Tuesday, 27th September, 2021.

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In a statement issued by the bank the 30 individuals in question are “abusing mobile telecommunications services and other social media platforms” for “illegal foreign exchange transactions and money laundering”. “The FIU has instructed banks and other financial service providers to identify and freeze accounts operated by these individuals”.

The country is experiencing a galloping or hyper inflation since 2009. However, the bank is working assiduously to bring the inflationary rate down having achieved some milestones already. More needs to be done to revalue the Zimbabwean dollar as against the U.S. dollar.

The perpetrators for the next two years are barred from using their accounts and may experience same with telecommunications operators in Zimbabwe.

 

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