Police Closings In On Cash Smugglers
Published: 2016 May 15 07:18:02 (5146 Views)
Police have activated a crack team in the Criminal Investigations Department to monitor dodgy bank accounts and trail culprits taking cash out of Zimbabwe physically.
It is understood that a significant chunk of the smuggled cash goes to a South African bank in Botswana, and senior law enforcement agents yesterday confirmed they were close to cracking the case, with several individuals lined up for arrest.
The agents said detectives were also tracking external wire transfers.
Such activities are alleged to have begun years ago but became more pronounced on account of cash shortages of recent weeks as the bigwigs sought to move hard currency out of the local financial system.
It is estimated Zimbabwe lost at least US$1,8 billion in 2015 through illicit financial flows.
Police spokesperson Chief Superintendent Paul Nyathi said they were working to arrest capital flight.
He added that the hunt for First Oil petroleum company directors Alex Nyahuni and Lyton Katunga was on, and a local weekly has it that the two fled to South Africa to escape money-laundering charges.
The pair allegedly hit CMED for US$2,7 million and are said to be trying to get a key State witness in South Africa to change testimony implicating them in the alleged fraud.
Chief Supt Nyathi said, Alex Kudakwashe Nyahuni and Lynon Gilbert Katunga are wanted persons in a suspected case of money-laundering, which is contravening Section 8 (2) of the Money Laundering and Proceeds of Crime Act Chapter 9:24.
A lawyer who preferred anonymity said authorities should immediately amend Exchange Control Regulations and impose stiffer penalties on cash looters.
- Sunday Mail
It is understood that a significant chunk of the smuggled cash goes to a South African bank in Botswana, and senior law enforcement agents yesterday confirmed they were close to cracking the case, with several individuals lined up for arrest.
The agents said detectives were also tracking external wire transfers.
Such activities are alleged to have begun years ago but became more pronounced on account of cash shortages of recent weeks as the bigwigs sought to move hard currency out of the local financial system.
It is estimated Zimbabwe lost at least US$1,8 billion in 2015 through illicit financial flows.
Police spokesperson Chief Superintendent Paul Nyathi said they were working to arrest capital flight.
He added that the hunt for First Oil petroleum company directors Alex Nyahuni and Lyton Katunga was on, and a local weekly has it that the two fled to South Africa to escape money-laundering charges.
The pair allegedly hit CMED for US$2,7 million and are said to be trying to get a key State witness in South Africa to change testimony implicating them in the alleged fraud.
Chief Supt Nyathi said, Alex Kudakwashe Nyahuni and Lynon Gilbert Katunga are wanted persons in a suspected case of money-laundering, which is contravening Section 8 (2) of the Money Laundering and Proceeds of Crime Act Chapter 9:24.
A lawyer who preferred anonymity said authorities should immediately amend Exchange Control Regulations and impose stiffer penalties on cash looters.
- Sunday Mail
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