Crackdown on Illegal Forex Dealers Intensifies: 224 Arrested, 90 Bank Accounts Frozen

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HARARE – A joint operation by the police, Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU), Ministry of Finance, and Zimbabwe Anti-Corruption Commission has resulted in the arrest of 224 illegal money changers and the freezing of 90 bank accounts.

The crackdown, which began after the introduction of the Zimbabwe Gold (ZiG) currency last month, aims to combat illegal foreign currency dealings and stabilize the economy. Police spokesperson Assistant Commissioner Paul Nyathi confirmed the arrests, stating that the operation is ongoing to bring sanity to the economy.

FIU Director General Oliver Chiperesa revealed that the unit is investigating financial transactions and freezing bank accounts linked to illegal dealings. The operation also targets traders refusing to accept ZiG or accepting it at parallel market rates.

While money changers have vanished from the streets, authorities suspect they are operating in the shadows, devising new strategies to continue their illegal activities. 

The government has reaffirmed its commitment to dealing with those undermining the new currency, with Finance Minister Professor Mthuli Ncube emphasizing the need for heavy fines for parallel market traders.

The introduction of ZiG aims to combat the black market and stabilize the economy. The authorities are determined to bring sanity to the economy and ensure the success of the new currency.

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