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MONEY LAUNDERING AND PROCEEDS OF CRIME AMENDMENT BILL

MONEY LAUNDERING AND PROCEEDS OF CRIME (AMENDMENT)
BILL, 2019
Memorandum
This Bill will amend the Money Laundering and Proceeds of Crime Act
[Chapter 9:24]. The amendments were initially effected under the Presidential Powers
(Temporary Measures) (Amendment of the Money Laundering and Proceeds of Crime
Act) Regulations 2018, published in Statutory Instrument 246 of 2018, on the 9th
of November, 2018, and according to the provisions of section 6 of the Presidential
Powers (Temporary Measures) Act [Chapter 10:20] the regulations expired on the one
hundredth and eighty-first day following the date of commencement of the regulations
which was the 9th of May, 2019. As such, it is expedient to enact an Amendment Bill
re-enacting the affected provisions (some proceedings were already commenced under
the Regulations). The amendments will further strengthen the provisions in the law
to combat corruption, money laundering and terrorist financing and ensure members
of the law enforcement are effective in carrying out their mandate. In more detail, the
individual clauses of the Bill provide as follows:
Clause 1
This clause sets out the Bill’s short title.
Clause 2
In order to combat money laundering, terrorist financing, tax evasion and
corruption, it has become necessary to give powers to ZACC, ZIMRA and ZRP to
elicit explanations from persons who exhibit great wealth without having any apparent
lawful means of obtaining such wealth. Accordingly, a new Part will be inserted in the
Money Laundering and Proceeds of Crime Act providing for unexplained wealth orders
issued by the High Court at the instance of ZACC, ZIMRA or ZRP. These orders will
require the addressee to explain his or her wealth and provide supporting documentation
therefor.