HARARE – The Financial Intelligence Unit has directed that the accounts of four retail chains be frozen to allow for investigations on possible money laundering allegations related to parallel market activity.
According to a letter from the FIU to all banks, dated Feb 22, the companies accounts; Transerve, Electrosales (Powerspeed), Halsted Brothers and Enbee Stores, are reported to have recorded unusual activity.
To allow for investigations, the accounts have to be frozen for any withdrawals or transfers unless such transactions are approved by the FIU.
Deposits or other inflows into the accounts will be allowed but these should be reported to the FIU.
This follows recent warnings by the Vice President Constantino Chiwenga that those who are sabotaging the local currency and those that are manipulating the exchange rate, will face the wrath of the law. The last time another crackdown happened, the VP had issued out threats at the Trade Fair in Bulawayo.
In the last published Reserve Bank of Zimbabwe allotments list for January, Powerspeed, which has in the past raised concern about the foreign currency auction system, received US$50 000 of funds while the other stores do not direct appear on the list.