THE Micro Finance Bill — which allows for investigation and
seizure of wealth from individuals suspected to have clandestinely accumulated
riches — will be gazetted this Friday before the legislative process commences
the following week, a Cabinet minister has revealed.
Last year, President Mnangagwa gazetted the Presidential
Powers (Temporary Measures) (Amendment of the Money Laundering and Proceeds of
Crime Act and Exchange Control Act) Regulations which empower Government to
seize unexplained wealth.
The development later saw Finance and Economic Development
Minister Professor Mthuli Ncube incorporating the measures in the 2019 Budget,
before legislators sought the matter be treated differently since it was not a
finance issue.
In an interview, Justice, Legal and Parliamentary Affairs
Minister Ziyambi Ziyambi said the Bill has been developed to deal with
“unexplained wealth” and will be gazetted on Friday before it is introduced in
Parliament next week.
The new legislation will authorise the High Court to issue
an unexplained wealth order on properties of individuals.
The country has witnessed a surge in individuals who
accumulate wealth overnight, amid concern over high corruption activity.
“Under the Presidential Power (Temporary Measures), regulations
to do with unexplained wealth where upon application to the Judge, the police
can get order compelling someone to explain where got his/her wealth. If that
person fails to do so, the ill-gotten worth will be forfeited.
“So we have been amending the Micro Finance Act to
incorporate that to give legal effect when we want to forfeit wealth one can’t
explain. The (Micro Finance) Bill will be gazetted this Friday. Before
Parliament it should go next week and legislative process will then commence,”
he said.
Officially commissioning the fifth specialised
anti-corruption court for in the country in Gweru on Friday, Minister Ziyambi
said corruption was hitting the poor mostly since they cannot pay bribes.
“As minister in charge of the administration of justice, I
take immense pride in that all these institutions have fully embraced His
Excellency, the President of Zimbabwe’s clarion call for a corruption free
Zimbabwe in order for the country to attract increased Foreign Direct
Investments,” he said.
Last week President Mnangagwa called for a fierce fight
against corruption at all levels for economic turnaround to be achieved.
Briefing journalists soon after ZANU-PF’s 329th ordinary
session of the Politburo, the party’s Secretary for Information and Publicity
Ambassador Simon Khaya Moyo said President Mnangagwa demanded that corruption
be fought while productivity was also enhanced “to turn around the fortunes of
the country’s economy”. Herald
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