Zimbabwe has been removed from the Financial Action Task Force (FATF) grey list following an on-site evaluation exercise carried out in January this year.
The Financial Action Task Force (FATF) announced Zimbabwe’s removal from the list of countries that are considered to be non-compliant in implementing anti-money laundering and counter financing of terrorism standards.
Zimbabwe was placed on the FATF grey list in 2019 on concerns that its financial system did not have enough safeguards to stop the flow of dirty money.
Speaking on the latest development, Finance and Economic Development minister, Mthuli Ncube hailed the efforts by the key actors which resulted in the positive ratings.
Ncube said: “I am pleased to inform stakeholders and the nation at large, that following an on-site evaluation carried out in January 2022, the Financial Action Task Force has, on the 4th of March 2022, announced Zimbabwe’s removal from the list of countries that are considered to be insufficiency compliant in implementing Anti-Money Laundering and Counter Financing of Terrorism Standards”.
The FATF was set up by G7 nations to enforce anti-money-laundering (AML) and combat financing of terrorism (CFT) rules.
