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Tag: Financial Intelligence Unit (FIU)


RBZ Outlaws Promoting Of “Illegal” Forex Trade In WhatsApp Groups

Another day another interesting regulatory measure by the Financial Intelligence Unit ( by extension the RBZ). This time the target being money changers operating on WhatsApp groups. Here’s the FIUs full statement: ACTION AGAINST ILLEGAL FOREIGN CURRENCY TRADING ADVERTS 1. The Financial Intelligence Unit (FIU) has been monitoring social media platforms where foreign currency dealers […]


[Update] EcoCash Merchant To Agent & A Host Of Other Transactions Blocked By FIU!

EcoCash seems to have blocked Merchant to Agent transactions though it’s not exactly clear what their reason for doing so is at the time of writing. The first hunch would be that this is yet another directive from the RBZ but if it is it’s a bit strange that the RBZ has not shared that […]


No Company Or Individual Should Do More Than 2 Internal Bank Transfers Per Day – RBZ

It keeps getting stranger by the day. Here is a circula sent to banks by the Financial Intelligence Unit of the Reserve Bank of Zimbabwe: 4 June 2020 Measures to prevent abuse of internal bank transfers for illegal foreign currency transactions Further to our circular to banks dated 26th of May 2020, titled “Enhanced Scrutiny […]


ZIPIT Given Directive To Place Monthly Limits Similar To EcoCash By RBZ

First it was EcoCash and now ZIPIT is getting the same treatment. The Financial Intelligence Unit (previously an arm of the RBZ but now operating independently) has issued a directive to ZIPIT CEO Cyril Nyatsanza placing a daily and monthly limit on ZIPIT transactions. The Directive dated 27 May reads; It’s no surprise that the […]


EcoCash CEO & Cassava CEO Charged Under Anti Money Laundering Law

Here is a long letter charging EcoCash, its CEO- Natalie Jabangwe and Director (CEO of its holding company, Cassava Smartech) of crimes under Zimbabwe’s anti money laundering laws: OVERVIEW We write to advise you of the Financial Intelligence Unit (HU)’s intention to penalize: (a) Ecocash (Private) Limited (Ecocash); (b)Natalie Jahangwe, Ecocash Chief Executive Officer; and […]


RBZ Ignored Warnings About Suspicious EcoCash Agents For Months

Most people were surprised by the Zimbabwe central bank moves to instruct EcoCash to freeze the accounts of all agents that process transactions above ZW$100,000 (about USD2,000 or USD4,000 when you use the generous official exchange rate) per month. $100k is a crime The problem with this directive is that it is just a blanket […]


RBZ Freezes More EcoCash, OneMoney Agents- Strategy Still Not Working

The Herald reports that the Reserve Bank of Zimbabwe has closed down more (undisclosed) mobile money agent lines in a bid to arrest the deterioration in value of the Zimbabwe local currency. According to The Herald, the Financial Intelligence Unit (FIU) of the central bank says that the agent accounts were moving large values which […]


RBZ Orders Banks To Freeze EcoCash, OneMoney Agents Suspected Of Illicit Forex Deals

The RBZs Financial Intelligence Unit has directed all banks to freeze bank accounts linked to Mobile Money Agents listed in a note that was leaked to the media. Acting Director-General Financial Intelligence Unit Oliver Chiperesa ordered banks to freeze, with immediate effect, all Ecocash and OneMoney agents suspected of involvement in money laundering. Read the […]


We’re Going To Freeze Accounts Of Manipulators Upsetting Forex Markets – RBZ

The Reserve Bank of Zimbabwe took to Twitter this morning with a warning for individuals who are “destabilising” the country by putting pressure on the forex market. It has come to the attention of the Bank that there are some exchange rate manipulators that are exerting pressure on the forex market with the intention of […]


RBZ Department, FIU Says It Hasn’t Unfrozen Bank Accounts Of Sakunda & Other 3 Firms

The Financial Intelligence Unit, an RBZ department which deals with money-related crimes, has issued a statement dismissing social media reports that it had unfrozen bank accounts it froze last week. The bank accounts held by four companies were frozen as they are reportedly being used for money laundering and proping up the forex black market. […]


RBZ Senior Official Removed From Remand, He’s Facing Criminal Abuse Of Office Charges

A Reserve Bank of Zimbabwe (RBZ) executive, Mirirai Chiremba was yesterday removed from remand by a Harare magistrate. Mr. Mirirai Chiremba is facing criminal abuse of office charge yet he’s the director of Financial Intelligence Unit (FIU)– a branch of the RBZ that deals with all crimes related to money in Zimbabwe. He was one of those […]


Funny, The Reserve Bank Of Zimbabwe Is Blaming Itself For Currency Black Markets

It’s worrying that it took the past two weeks for the government to know the evils of a black market, yet in their nature, black markets are known to have a negative impact on the economy. We are now seeing the government starting to pay attention to deal with black markets. The President went as […]


RBZ Confirms “Influential People” Are Running Black Markets, Blames The Central Intelligence Organisation, Police And Banks For This

After years of what we thought were unfounded conspiracy theories, today the Reserve Bank of Zimbabwe Governor, Dr. Mangudya has confirmed your worst nightmare. Dr. Mangudya has confirmed that a secret group of people is making the black market flourish. And he went on to question the competence of the Financial Intelligence Unit (FIU) and the […]