Parliament on Thursday passed the Money Laundering and Proceeds of Crime Bill with Finance Minister Tendai Biti saying it will help curb the concealing of diamond proceeds from the Marange diamond fields.
Mr. Biti said it has taken long to bring the bill to parliament because some ministers in the unity were resisting the promulgation of the restrictive law. He did not mention the ministers by name.
The Bill, which passed without amendments, will repeal and replace the Serious Offences Act and provide a legal framework to combat money laundering and terrorist financing.
It also provides legal mechanisms for the confiscation and recovery of assets found to be proceeds of serious crime and terrorist financing crimes.
In his contribution to the Bill, Mazowe Central lawmaker, Shepard Mushonga, said the Bill is crucial in curbing white collar crime in the country.
Two weeks ago parliament ratified the International Convention for the Suppression of the Financing of Terrorism which was adopted by the United Nations General Assembly in 1999.
Mr. Biti said failure to implement recommendations of the United Nations financial action task force would see Zimbabwe’s continued isolation from the international financial system.
Zimbabwe is a member of the Eastern and Southern African Anti-money Laundering Group, a body which aims to combat money-laundering and the financing of terrorism and serious crime.