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Money changers desert Mutare streets

16 Nov, 2018 - 00:11 0 Views
Money changers desert Mutare streets

The ManicaPost

Liberty Dube Post Correspondent
ILLEGAL money changers in Mutare Central Business District have deserted the streets following President Mnangagwa’s temporary powers for a new law that will see illegal currency traders being sentenced 10 years in prison.

Government recently effected Statutory Instrument 246 of 2018, which will see illegal currency traders being sentenced for up to 10 years in jail under the Presidential Powers (Temporary Measures) (Amendment of Money Laundering and Proceeds of Crime Act and Exchange Control Act) Regulations, 2018.

The Money laundering (and Proceeds of Crimes Act) will involve providing for unexplained wealth and the respective enforcement agents where a public office holder or someone previously in that capacity fails to account for wealth accumulated in a manner suspected to be criminal.

In a snap survey done by The Manica Post, most illegal changers particularly from the CBD and downtown had vanished although some of them were seen moving around some international money transfer agencies premises. It has also been established that some of them are playing hide and seek with law enforcement agents operating from cars while others do business through the phone.

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