Harare – The governor of Zimbabwe’s Central Bank, John Mangudya has denied reports carried by local and independent media claiming the country had been blacklisted for funding terrorism by the IMF.
According to a report carried in The Herald Newspaper this morning, several risk areas were identified in Zimbabwe, and the country was given 5 years to ensure the areas were addressed.
While Zimbabwe performed admirably well in other ratings, the country fell short of expectations in the key areas.
Zimbabwe’s key outstanding deficiencies related to effectiveness in implementing the anti-money laundering/combating financing of terrorism laws and policies.
In this regard, Zimbabwe is working with the FATF and the regional anti-money-laundering/combating financing of terrorism body, reports the Herald.
Mangudya told the Herald the Zimbabwe was not on a blacklist, but a grey list.
“A grey area is not a blacklist. A blacklist is for high risk and uncooperative countries. Zimbabwe is not unique on this grey area list as other countries from the region and beyond that have so far undergone the FATF assessment are or have been on the list while others will be added as and when the results of their assessments come out,” said Dr Mangudya.
Zimbabwe was found to be compliant with 33 out of the 40 Financial Action Taskforce Global Community (FATF) recommendations.