Game over for money changers: RBZ, ZRP, banks & mobile money service providers gang up against them

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Illegal currency dealers using the WhatsApp platform to advertise their trade risk having their mobile lines barred and accounts frozen, the Reserve Bank of Zimbabwe’s Financial Intelligence Unit warned yesterday.

The unit said in a statement that it was going to clampdown on such people and was working with the appropriate authorities to do so.

“The FIU, in collaboration with the police, banks, mobile money-mobile phone service providers and relevant regulatory agencies has embarked on an exercise to identify and take action against individuals who create, advertise on or participate (actively or passively) in WhatsApp groups or other platforms for illegal foreign currency trading,” said the unit.

It said apart from barring the numbers and freezing the accounts of such people, they would also be investigated and prosecuted for illegally trading in or advertising illegal trading in foreign currency.

The unit urged people with information on such individuals to report them.

The warning comes after President Mnangagwa last week told the 340th ordinary session of the Zanu PF Politburo that Government was going to fight economic saboteurs.

“On the economic front, we are witnessing a relentless attack on our currency and the economy in general through exorbitant pricing models,” he said.

“We are fully cognisant that this is a battle being fuelled by our political detractors, elite opportunists and malcontents who are bent on pushing a nefarious agenda.”

— Herald


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