• as Government moots punitive sentences
Tateguru Writer
Security agents and the Financial Intelligence Unit will be increasing their presence in the market to probe possible cases of currency manipulation by key economic players as well as individuals.
The parallel market exchange rate has been on an unjustified upward spiral which defies the well standing economic fundamentals which the economy has been enjoying.
Announcing measures to bring back order in the market yesterday, President Mnangagwa said there will be close monitoring of financial transactions.
“The security agents of Government and the Financial Intelligence Unit shall, with immediate effect, enhance their roles to effectively monitor financial transactions in order to address the delinquent arbitrage behavior in the economy,” said President Mnangagwa.
Government feels the current punishment for engaging in acts of economic sabotage are not deterrent enough and efforts are underway to make them more stringent.
“Civil penalties shall be substantially reviewed upwards to ensure that such behaviour is discouraged. Appropriate legal changes shall also be instituted to elevate some of the financial crimes to become criminal offences which automatically attract jail sentence,” said President Mnangagwa.
This dovetails with the recent opening of the Commercial Court Division of the High Court, as trials can now expedited as they will now have their separate roll away from other case classes.
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