RBZ to keep a watchful eye on NGOs

RBZ to keep a watchful eye on NGOs
Published: 20 April 2018 (1275 Views)
The Reserve Bank of Zimbabwe (RBZ) Financial Intelligence Unit Deputy Director, Oliver Chiperesa, has said that government will employ monitoring mechanisms to ensure that Non-Governmental Organisations (NGOs) do not fund terrorist activities.

NANGO reported that the deputy director said this at an awareness workshop for NGOs on terrorist financing and vulnerability of Non-Profit Organisations sector that was held by the Financial Intelligence Unit in Harare.

Chiperesa said, "We have identified what makes NGOs vulnerable to funding terrorism and now the RBZ wants to make it harder to fund terrorist activities. We need to identify specific risks that face the NGO sector and how to mitigate against them."

The deputy director added that there is need to take stock of all NGOs in the country, what programs they implement and where their funding comes from. He said this will assist in identifying organisations that are at greatest risk and putting additional measures to ensure that there is no opportunity for them to knowing or unknowingly fund terrorism.

NGO leaders and finance personnel expressed concern questioning if in Zimbabwe terrorism is a threat that warrants this level of alarm by the Central Bank.

Edson Chihota, the Director of Zimbabwe Association for Crime Prevention and Rehabilitation of the Offender (ZACRO) commented on how the government's interests into the work of NGOs is rising at a time when organisations' programming is centred around elections. Chihota asked if there are any Zimbabwean organisations that have funded terrorism therefore warranting this exercise.

In response Chiperesa said that the awareness workshops have been on going as the unit has met with business people and legal practitioners. He said the unit was proactive and needed not to wait for terrorism to occur in Zimbabwe. He also said that the Financial Action Task Force has been in place for years and tightened reigns after the September 11 2001 terrorist attacks in the United States of America.

NANGO Northern Region Coordinator, Charity Musiiwa, asked if the Financial Intelligence Unit was guided by any research that gives basis for RBZ's mitigation mechanisms.

The deputy director responded by saying the Best Practice Paper on Combating Terrorist Financing in the NPO Sector and another paper titled Risk of Terrorist Abuse in NPOs are among many researches that the Financial Intelligence Unit can share with civil society. He also said there are some case studies of Pakistan and Iraq.

Tafirenyika Mugomba who is the Zimbabwe Aids Network Finance and Administration Manager, expressed that the processes outlined by the Unit mostly affect the banking sector as NGOs submit their annual returns to the parent Ministry of Labour and Social Welfare a mechanism already in place to monitor NGOs.

RBZ officials announced that they will be circulating a risk assessment questionnaire to all NGOs as a way of collecting data and assessing the level of vulnerability.

The Financial Intelligence Unit is the main Anti-Money Laundering/ Combating the Financing Terrorism (AML/CFT) regulator, but works in close cooperation with the supervisory and regulatory bodies of the various types of designated reporting institutions to ensure that the regulated entities comply with their AML/CFT obligations.

The RBZ Financial Intelligence Unit is guided by the Financial Action Task Force Recommendations that are internationally endorsed global standards against money laundering and terrorist financing. They increase transparency and enable countries to successfully take action against illicit use of their financial system.

- Byo24News

Tags: RBZ, NGOs, AML, CFT,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Looting soldier shot during protests

by Mandla Ndlovu | 17 January 2019 | 274 Views

How drug offences can affect your life

by Staff Reporter | 17 January 2019 | 83 Views

Zimbabweans march to ANC headquaters over Mnangagwa

by Mandla Ndlovu | 17 January 2019 | 177 Views

Mnangagwa meets Belarus President

by Staff reporter | 17 January 2019 | 98 Views

Who used the extra 480 million litres of fuel the last six months?'

by Staff rpeorter | 17 January 2019 | 146 Views

Mnangagwa signs 8 MOUs in Belarus

by Staff reporter | 17 January 2019 | 99 Views

Govt meets transporters over fares

by Staff reporter | 17 January 2019 | 117 Views

Military in civilian life: lessons from the fall of Mugabe

by The Source News Agency | 17 January 2019 | 90 Views

'Zimbabwe potential hub for industrial development in Africa'

by Staff reporter | 17 January 2019 | 82 Views

ZRP heightens crackdown against criminals

by Staff reporter | 17 January 2019 | 81 Views

Zimbabwe counts huge costs of stay-away

by Staff reporter | 17 January 2019 | 48 Views

Zesa dismisses social media messages

by Staff rpeorter | 17 January 2019 | 82 Views

Gun-wielding soldiers assault Daily news staff

by Staff reporter | 17 January 2019 | 83 Views

Mnangagwa's re-engagement efforts with Western countries is dead

by Staff reporter | 17 January 2019 | 88 Views

Police should probe vandalism, looting

by Staff reporter | 17 January 2019 | 76 Views

Military door-to-door raids slammed

by Staff reporter | 17 January 2019 | 77 Views

Trial of 'Shut-down' protesters fast-tracked

by Staff reporter | 17 January 2019 | 68 Views

'Internet shutdown draconian'

by Staff reporter | 17 January 2019 | 69 Views

MDC Alliance's Chibaya remanded in custody

by Staff reporter | 17 January 2019 | 38 Views

How to win at slots? Top slot tips & tricks

by Staff Reporter | 17 January 2019 | 78 Views

Stay away: A manifestation of the MDC's violence DNA

by Nobleman Runyanga | 17 January 2019 | 116 Views

Kirsty Coventry has not resigned from ministry

by Mandla Ndlovu | 17 January 2019 | 112 Views

Mnangagwa and Gen Chiwenga responsible for lootings, shootings and terrorism

by Dr Nkululeko Sibanda (Presidential Spokesperson) | 17 January 2019 | 151 Views

A tale of a school teacher

by Virimayi Chidembo | 17 January 2019 | 120 Views

My encounter with the rowdy protestors

by Betty Gatsi | 17 January 2019 | 89 Views

Price of bread now $6

by Mandla Ndlovu | 17 January 2019 | 132 Views

The unleashing of army to descend on demonstrators was uncalled for

by Leonard Koni | 17 January 2019 | 81 Views

How Facebook and Whatsapp fuelled chaos and confusion in Zimbabwe

by Dr Masimba Mavaza | 17 January 2019 | 79 Views

Mnangagwa pleased with Putin meeting

by Staff reporter | 17 January 2019 | 146 Views

Mnangagwa opens consulate in Belarus

by Staff reporter | 17 January 2019 | 160 Views

MDC perpetrating violence, violating human rights

by Anesu Pedzisayi | 17 January 2019 | 159 Views

3 Religious Sites to Visit When in Israel

by Staff Reporter | 17 January 2019 | 104 Views

BREAKING: Evan Mawarire charged with treason

by Mandla Ndlovu | 17 January 2019 | 249 Views

'100 men abaducted in Matabeland during protests'

by Mandla Ndlovu | 17 January 2019 | 152 Views

Army continues terror as Bulawayo is shutdown

by Mandla Ndlovu | 17 January 2019 | 312 Views

Here's what motorists are paying for fuel around the world

by wheels24 | 17 January 2019 | 249 Views

Bond notes and their possible long-term legacy

by Staff reporter | 17 January 2019 | 177 Views