In a significant move to combat illegal currency trading, the police and the Reserve Bank of Zimbabwe’s Financial Intelligence Unit have arrested 10 more individuals involved in the illicit exchange of foreign currencies. This latest operation underscores the government’s commitment to curbing unlawful financial activities and stabilizing the national economy.
National police spokesperson Commissioner Paul Nyathi confirmed the recent arrests and emphasized that the crackdown would persist. He warned businesses and individuals engaging in illegal currency trading or using social media platforms for such activities:
“We are aware of supermarkets, pharmacies, and small businesses using exorbitant rates. Action will be taken against those involved in such activities or using social media for illegal currency trading,” said Commissioner Nyathi. The operation is part of an ongoing effort to address the widespread issue of illegal currency trading, which has contributed to economic instability and inflation in Zimbabwe.
The public is encouraged to assist in the fight against illegal currency trading by reporting suspicious activities. Complaints can be made to the National Complaints Desk at (024) 2703631 or via WhatsApp at 0712 800 197. This initiative aims to involve the community in monitoring and reporting financial crimes.
This recent round of arrests follows a previous phase of the crackdown earlier in the year. By May, authorities had apprehended 224 illegal money changers in the first phase of the operation. The Financial Intelligence Unit had also frozen 90 bank accounts and imposed civil penalties on over 40 violators of the Exchange Control Act. Some individuals arrested in April are still awaiting bail, reflecting the ongoing legal processes involved in tackling this issue.
The renewed crackdown signals a robust approach to managing Zimbabwe’s currency challenges and enforcing compliance with financial regulations. The authorities’ continued vigilance and public cooperation are crucial in combating illegal trading practices and restoring financial order. As the operation progresses, the government’s resolve to address these economic issues remains firm, with hopes for a more stable financial environment in Zimbabwe.
In other news – Legendary Nigerian singer Onyeka Onwenu has died
Nigerian music legend Onyeka Onwenu has tragically passed away following a performance in Lagos on Tuesday night. The acclaimed singer and actress, known for her significant contributions to both music and film, collapsed shortly after her performance and was rushed to Reddington Hospital, where she was pronounced dead.
Onyeka Onwenu, celebrated for her powerful voice and charismatic stage presence, was a beloved figure in the Nigerian entertainment industry. Her music, including iconic albums such as *In The Morning Light* and *Dancing In The Sun*, has left an indelible mark on the hearts of many fans. Onwenu’s talent extended beyond music; Read More
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