United States likely to ban use of US$ in Zimbabwe Breaking news Read on ZIMBABWENEWSDAY.CO.UK

United States likely to ban use of US$ in Zimbabwe

By Jonh Bhuru

mugabeobama-e1461006672836As war on terror efforts to dismantle terrorist financial networks remain an essential part of US government strategy. The US government is likely to ban their currency from circulating in Zimbabwe considering that the countries corruption levels have reached alarming levels. Money laundering and cash smuggling cases are high in Zimbabwe as compared to other African states.

The increase in cash crimes has come as a result of the powerful US$ dollar that is circulating in the poverty stricken Zimbabwe.

Recently, there were rumours of Finance and Economic Development Minister Patrick Chinamasa’s son trying to smuggle $7 million through Beitbridge broader post to South Africa which the finance minister denied.

Also there was a case of two Rwandan nationals that were arrested last week at the Harare International Airport after being found in possession of $87 400 which they intended to smuggle out of Zimbabwe. Police chief national spokesperson Senior Assistant Commissioner Charity Charamba confirmed the arrest of the duo.

More than $140 million in terrorists’ assets have been frozen across some 1,400 bank accounts worldwide, but experts say terrorist groups have become increasingly skilled at dodging detection through use of cash.

Currently there are cases of the Mozambican opposition rebel group RENAMO fighters crossing into Zimbabwe to steal cash and cows being reported in the Manicaland region of Zimbabwe.

If indeed the United States of America conceders RENAMO as a terrorist group taking advantage of the United States dollar in Zimbabwe then the reserve bank of Zimbabwe might be banned from using American money in the near future.



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