{"id":47490,"date":"2021-10-01T19:25:54","date_gmt":"2021-10-01T17:25:54","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/?p=47490"},"modified":"2021-10-01T18:19:05","modified_gmt":"2021-10-01T16:19:05","slug":"zimbabwe-one-of-countries-at-high-risk-of-money-laundering-governance-institute","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/zimbabwe-one-of-countries-at-high-risk-of-money-laundering-governance-institute","title":{"rendered":"Zimbabwe One Of Countries At High Risk Of Money Laundering \u2013 Governance Institute"},"content":{"rendered":"

Africa-Press<\/a> – Zimbabwe<\/a>. <\/strong><\/span>A report by the Swiss-based Basel Institute on governance says Zimbabwe is one of the countries at high risk of money laundering.<\/p>\n

The report titled Basel anti-Money Laundering (AML) Index 2021: 10th Public Edition Ranking Money Laundering and Terrorist Financing Risks Around the World, ranks Zimbabwe Number 12 out 110 covered countries.<\/p>\n

The Basel Institute said Zimbabwe was only behind Haiti, the Democratic Republic of the Congo (DRC), Mauritania, Myanmar, Mozambique, Cayman Islands, Madagascar, Mali, Senegal, Uganda and Cambodia in the rankings.<\/p>\n

In sub-Saharan Africa, where 18 jurisdictions were covered, Zimbabwe is Number 8, behind the DRC, Mauritania, Mozambique, Madagascar, Mali, Senegal and Uganda.<\/p>\n

The report said Ghana and Botswana had the least risk of money laundering in the region. The Basel Institute said:<\/p>\n

Sub-Saharan Africa region has the highest overall risk score of all regions. Although data is lacking, of particular concern is the quality of AML \/ CFT (Counter Financing of Terrorism)frameworks, where some jurisdictions (Democratic Republic of the Congo and Mauritania) have a risk score over 8 out of 10. Apart from Mauritius and Botswana, most assessed jurisdictions face high risks of bribery\/ corruption and financial transparency\/standards. Zimbabwe\u2019s risk score increased since 2020, due mostly to higher risks of human trafficking.<\/p>\n

The report noted that higher risks across the region may in part be due to the presence of several developing economies with high levels of corruption and political\/economic instability.<\/p>\n

More coordinated regional policies and capacity building could help to bring weaker jurisdictions up to standard, it said.<\/p>\n

The report noted that these issues need to be addressed through broader long-term policies, although more effective compliance could contribute to efforts to detect and prevent corruption.<\/p>\n

The report comes after the Zimbabwe Anti-Corruption Commission (ZACC) had estimated that US$1.3 billion is being siphoned out of the country every year and the countries that benefit ironically accuse the Government of corruption.<\/p>\n

More: Zimbabwe Independent<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. A report by the Swiss-based Basel Institute on governance says Zimbabwe is one of the countries at high risk of money laundering. The report titled Basel anti-Money Laundering (AML) Index 2021: 10th Public Edition Ranking Money Laundering and Terrorist Financing Risks Around the World, ranks Zimbabwe Number 12 out 110 covered countries. 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