Tinaye Agere
Online Reporter
TREASURY will allocate additional financial resources to the Financial Intelligence Unit (FIU) to ensure the department is effective in investigating illicit financial activities, particularly individuals and companies involved in illegal forex trade.
Responding to questions in Parliament on Wednesday, Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube said the FIU has been effective in investigating illicit financial transactions.
“The Financial Intelligence Unit has been effective in investigating illicit activities and money laundering, and are, in fact, triggering the sanctions on those who are deviating from the prescribed exchange rate or pricing frameworks,” he said.
“They have written to me to say we need more capacity and I have granted that, and we will be giving them more resources so that they can hire more personnel, equipment or whatever they need to remain effective.”
Professor Ncube said police will also receive additional resources to deal with illicit financial activities.
“We have said to the law-enforcement agents, the police, if they need additional capacity, we are happy to support that.”
Online Reporter