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*Measures To Deal With Govt Contractors Who Channel Funds To Black Forex Exchange Market [FT]* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?lv Finance and Economic Development Minister, Professor Mthuli Ncube has issued a statement announcing measures to deal with contractors who are allegedly channelling funds to the black foreign currency exchange market. In a statement seen by Pindula News, Ncube said the Reserve Bank of Zimbabwe (RBZ) will follow up and scrutinise all payments made to government suppliers, to establish how the funds have been utilised. He said: *MEASURES TO DEAL WITH GOVERNMENT CONTRACTORS WHO CHANNEL FUNDS TO THE ILLEGAL FOREIGN EXCHANGE MARKET* > Government has noted with great concern that some suppliers who supply goods and services to government institutions are channeling the funds they receive to the illegal foreign exchange market, thereby contributing to exchange rate and price instability. Government will, with immediate effect, implement the following measures to curb this form of abuse of manipulating the exchange rate: > 1. The Financial Intelligence Unit will follow up and scrutinise all payments made to government suppliers, to establish how the funds have been utilised. > 2. Where it is determined that funds were channeled to the illegal foreign exchange market — > (a) the bank accounts involved will be frozen indefinitely pending criminal investigations and prosecution of the companies concerned and their directors and officers; > (b) proceeds from the illegal transactions will be forfeited to the State in terms of the Money Laundering and Proceeds of Crime Act [Chapter 9:24]; > (c) the suppliers concerned, their directors and related companies will be blacklisted with the Procurement and Regulatory Authority of Zimbabwe and will be banned from participating in any government tenders. > 3. In addition to the above measures, Government is setting up a process to scrutinise all awarded tenders to ensure that government is getting full and fair value. > Hon. Professor Mthuli Ncube Minister of Finance and Economic Development 18 July 2022 *Pindula News* _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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