65 in court for unlawfully dealing in forex

Written by on April 23, 2024

Nokusa Masuku


Sixty-five people have been arrested and taken to court for unlawfully dealing in forex. The suspects were arraigned before the Harare Magistrates’ Court facing charges of contravening section 5(1)(a)(ii) of the Exchange Control Act [Chapter
22:05] as read with section 4(1)(a)(1) of the Exchange Control Regulations SI
109 of 1996 “Dealing in foreign currency”.

The accused persons, some of whom were found in possession of point of sale (POS) machines and various credit and debit cards, were apprehended at various sites and points across Harare.

They appeared in court on the 20th of April and were remanded in custody to the 22nd of April 2024 for bail applications.

This follows a crackdown by Zimbabwe’s financial watchdog, the Financial Intelligence Unit (FIU), which has frozen the accounts of 11 companies for refusing to accept the country’s new gold-backed currency, ZiG, and conducting business solely in US dollars.

Reader's opinions

Leave a Reply

Your email address will not be published. Required fields are marked *

Current track