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Harare Man Fails To Explain Source Of US$300 000, Bank Freezes His Account

Harare Man Fails To Explain Source Of US$300 000, Bank Freezes His Account

A Harare man has had some US$300 000 frozen in a local bank after he failed to reveal the identity of the originator of funds as required under the Money Laundering and Proceeds of Crime Act (Chapter 9:24).

The law empowers authorities to identify, freeze, seize and eventually confiscate proceeds of all serious crimes and terrorist acts.

Meshack Mudyariwa approached the High Court seeking to have NMB bank unfreeze the money that was deposited into his account in March last year.

Mudyariwa failed to explain the source of the funds prompting NMB to freeze his account in line with the law after realising that it could have been laundered.

The matter has since been reported to the Financial Intelligence Unit of the Reserve Bank of Zimbabwe and the police.

In his application at the High Court, Mudyariwa insisted that NMB Bank was holding his money for no reason, saying the money was legitimate.

However, High Court judge, Justice Jacob Manzunzu, last week ruled the money should remain frozen, saying Mudyariwa had failed to reveal its source. Said the judge:

It will be self-defeating for the respondent while making efforts to comply with the law, to take no action to freeze the account.

What that would practically mean is that the applicant would withdraw all the money, irrespective of the outcome of the investigations.

The matter has been reported to the Intelligence Unit and the police and is said to be under investigation.

It will be inappropriate at this stage to order the respondent to unfreeze the account.

In any event, while the applicant has shown a clear right over the account, and the possible injury he will suffer, he has not shown the absence of an alternative remedy.

An alternative remedy lay with the applicant for the review of the decision taken by the respondent.

Such a remedy gives him similar protection. In any event, had the applicant assisted with the identity of the originator of funds as required by the Act, that will stand as an alternative remedy.

More: NewZimbabwe.com

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17 Comments

murombo 1 month ago

Ipai munhu mari yake yenyu yobvunzwa nani


Anti-thievery 1 month ago

Ipai munhu mari yake, haunyare kubatika munhu kudaro? Gold, diamonds and ivory mukungoba muchitengesa kunze wani uyo ndiye adii?


Jah Svari 07 1 month ago

ipayi munhu mari yake akatengesa zvigumwe zvake ega tengesayi zvenyu kana muchida mari.


Nyobvo 1 month ago

kkkkkkkk

SC 1 month ago

wangu next time don't trust the banking system hanty..play cash play safe!


Réásõñáblé Dõúbt 1 month ago

Ipari munhu mari yake iyo yakabva kunze kwe nyika
Ndoma 4reni direct investments ka ayo (real megadeals), tikaita vanhu 100 kana 200 vakadai nyika inobudirira shuwa
kana 4rex ichipinda munyika ndozvatoda kaizvo


Jack Bauer 1 month ago

Idama iroro 👍👍

Jah🇿🇼Tsvarie-07 1 month ago

Mari newupenyu wevanhu
TITANIC...


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The Adjudicator 1 month ago

Economical plumber.


CCC Investments Council 1 month ago

Why worry about Foreign Direct Investments. We actually need more of these deposits.


Nonbanker 1 month ago

Don't use banks.
They cannot be trusted.
They don't respect their customers.


JJ 1 month ago

thus nonsense NMB..no one is going to deposit money into yr bank


Rich guy 1 month ago

Ipai munhu Mari dzake


Imwe Mbeu 1 month ago

NMB 🤔 Nonsense Monetary Bank


NMB manager 1 month ago

So who will have the money.Dai mapa maCivil servants


bhubesi 1 month ago

he is a thief simple fraud like the rest



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