RBZ crackdown on money laundering

Published: 3 hours ago

Following an intensive investigation into smuggling, money laundering, and financial externalisation, Zimbabwean authorities have launched a crackdown targeting several businesspeople and companies implicated in illicit financial activities.

The Reserve Bank of Zimbabwe's Financial Intelligence Unit (FIU) compiled a detailed report naming individuals and firms involved in currency manipulation, smuggling, externalisation of funds, and money laundering. This report has formed the basis for ongoing arrests and prosecutions coordinated by the Zimbabwe Republic Police and the National Prosecuting Authority.

Among those apprehended is local businessman Grant Chitate of Grant Wellington Thulisa (Pvt) Ltd. Chitate appeared in court facing charges of breaching exchange control regulations involving an alleged sum of US$7.6 million.

Authorities allege that between 2019 and 2024, Chitate's company paid for 9.4 million kilogrammes of gas worth US$7.6 million through foreign bank accounts without routing the funds through Zimbabwean financial institutions. Furthermore, local bank records reportedly did not correspond with the volume of gas imported, raising suspicions of deliberate financial irregularities.

Investigations are ongoing, and officials warn that additional arrests may be imminent as the inquiry expands.

Chitate was granted bail set at US$1,000 with strict conditions. He is scheduled to reappear in court on 2 September 2025 as authorities continue to pursue the matter.

This crackdown underscores the government's intensified efforts to clamp down on illicit financial flows and protect the country's economic sovereignty amid ongoing challenges in the foreign currency market.
- BD

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