RBZ to keep a watchful eye on NGOs

RBZ to keep a watchful eye on NGOs
Published: 20 April 2018 (1229 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

Knox Mutizwa wins August Goal of the Month award

by kickoff | 05 November 2018 | 715 Views

BREAKING: Gandawa on the run

by Staff reporter | 05 November 2018 | 1386 Views

Econet cannot distribute Kwese TV content to Zimbabwean viewers

by Staff reporter | 05 November 2018 | 1053 Views

Shoot-out robbers arrested

by Staff reporter | 05 November 2018 | 1092 Views

Mnangagwa ally warns economic saboteurs

by Staff reporter | 05 November 2018 | 1078 Views

Chamisa mobilises supporters for mass protests

by Staff reporter | 05 November 2018 | 882 Views

LISTEN: Acie Lumumba speaks on how he got paid

by Staff Reporter | 05 November 2018 | 720 Views

Dzamara speak on Zanu-PF fights

by Mandla Ndlovu | 05 November 2018 | 688 Views

Minister Raj Modi Modi donates salary

by Mandla Ndlovu | 05 November 2018 | 567 Views

'I am a Trillionaire' Magaya says

by Mandla Ndlovu | 05 November 2018 | 940 Views

Supermarkets to be blacklisted over cooking oil

by Mandla Ndlovu | 05 November 2018 | 597 Views

UK army to recruit from Commonwealth

by BBC | 05 November 2018 | 625 Views

Magaya opens up on arrest

by Mandla Ndlovu | 05 November 2018 | 618 Views

Kambarami is still 'Deputy Mayor'

by Mandla Ndlovu | 05 November 2018 | 497 Views

'Import ban must not go beyond December 21'

by Staff reporter | 05 November 2018 | 582 Views

Prophet Magaya puts fresh spin to arrest

by Staff reporter | 05 November 2018 | 579 Views

Chamisa's sign language interpreters get thumps up

by Staff reporter | 05 November 2018 | 558 Views

Mnangagwa to review Mthuli Ncube's 2% tax again

by Staff reporter | 05 November 2018 | 552 Views

Lumumba to be probed by ZAAC?

by Staff reporter | 05 November 2018 | 402 Views

Dzamara speak on ZANU PF fights

by Mandla Ndlovu | 05 November 2018 | 367 Views

Zimbabwe as a new gateway into Africa

by Minister of Finance Prof Mthuli Ncube | 05 November 2018 | 563 Views

Chiwenga's ex-wife looted millions

by Mandla Ndlovu | 05 November 2018 | 913 Views

We are our own worst enemies

by Mapozho Saruchera | 05 November 2018 | 613 Views

Mnangagwa to deal with unexplained wealth and bank deposits

by Staff reporter | 05 November 2018 | 588 Views

WATCH: Chiwenga talks about Prophet Walter Magaya's lipstick

by Staff reporter | 05 November 2018 | 568 Views

Lumumba Saga takes new twist....War vets bay for Mutsvangwa's blood

by Mandla Ndlovu | 05 November 2018 | 649 Views

Chamisa demands Presidency

by Mandla Ndlovu | 05 November 2018 | 539 Views

Zimbabwean teachers miss out on New Zealand opportunity

by Staff Writer | 05 November 2018 | 477 Views

Zimbabwe to introduce e-provisional driver's exams

by Staff reporter | 05 November 2018 | 513 Views

Zimbabwe to supply water to South Africa

by Staff reporter | 05 November 2018 | 515 Views

Mnangagwa claims that 'good times will soon roll'

by Staff reporter | 05 November 2018 | 497 Views

Zimbabwe as a new gateway into Africa

by Hon. Prof Mthuli Ncube | 05 November 2018 | 555 Views

Chiyangwa appoint Karikoga Kaseke

by Staff reporter | 05 November 2018 | 496 Views

ZCTU demo: Ruling today

by Staff reporter | 05 November 2018 | 446 Views

Missing cop found dead

by Staff reporter | 05 November 2018 | 570 Views

Tagwirei marries long-time girlfriend

by Staff reporter | 05 November 2018 | 876 Views

Zimbabwe relaxes maternity leave entitlement

by Staff reporter | 05 November 2018 | 529 Views

Zimbabwe to receive drugs, ambulances from India

by Staff reporter | 05 November 2018 | 450 Views