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Pride Mahlangu, Business Reporter
BULAWAYO residents have called on Government to investigate the issuance of cash through banks as they complained that more notes were increasingly being traded on the parallel market.
Contributing during a Money Laundering and Proceeds of Crime Bill consultative meeting organised by the Parliamentary Portfolio Committee of Finance yesterday, the residents said they were unhappy that new bank notes were being issued through illegal money changers, popularly known as osiphatheleni, at a time when banks and other formal channels do not have cash.
“If you go to money changers now you will find that they have brand new five-dollar notes, which are still wrapped with Reserve Bank papers. The streets are full of these notes but we have the Central Bank and official channels failing to give cash,” said one of the participants.
“If banks were giving cash we would be going to them to get our money but they only process transfers. I think there is laxity from Government because you cannot find an amount like $10 000 in form of five-dollar notes on streets yet you cannot find similar amounts of cash from a bank. I bank with ZB Bank and I only got $20 cash.”
Others weighed in and complained that the cash shortage being experienced in the country was short changing ordinary people. They demanded that authorities take measures to restore sanity and ensure all cash was disbursed through formal systems.
“You find somebody on the street with a suitcase of sealed five-dollar notes. How do those notes come out of the bank to that person? Why do law makers like you in Parliament and enforcement agents allow that,” said another participant from the floor.
“Laws should be followed as some people are selling cash on the streets and this shows there is something wrong somewhere. Where is this money coming from yet at banks there is nothing.”
Residents said Government should dispatch its teams to the city to verify these concerns and take stern measures against those who break the law. They also criticised public consultations as “talk shows” that do not address their concerns.
“We expect parliamentarians to make the biggest noise on issues that affect us. Here in Bulawayo you see expensive cars distributing money,” said another resident.
Committee chairman, Mr Felix Mhona, said the contributions were noted and would be raised with relevant authorities above. He said the meeting was meant to gather public views towards crafting a Bill on Money Laundering and Unexplained Wealth.
He said the law would seek to investigate sources of wealth on suspected persons including public officers with bank balances of a minimum of US$10 000 at banks and those with properties so as to promote accountability.
Some residents said US$10 000 was very little and suggested that it be reviewed upwards and be determined in terms of a person’s income per capita. Despite poor attendance, Mr Mhona said his committee was happy with views raised by Bulawayo residents. — @pridesinstinctz.
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