News Before It's News
About us | Ocnus? |

Front Page 
 Dark Side
 Defence & Arms
 Light Side

Business Last Updated: Oct 5, 2020 - 11:33:11 AM

Chinese Firm Violates Money Laundering Laws
By Business Times 1/10/20
Oct 2, 2020 - 1:37:17 PM

Email this article
 Printer friendly page

The Reserve Bank of Zimbabwe (RBZ) has penalised a Chinese brick manufacturing firm, Silver Dragon, for violating Section 11 of the Bank Use Promotions Act which seeks to stem money laundering.

Under the Act, the company was supposed to make disclosures or submit cash sales and deposits of each previous week business transactions.

Silver Dragon is alleged to have failed or neglected to submit such returns from June 30 to September 1, 2020, to the RBZ for 42 days after subtracting Sundays and public holidays.

Silver Dragon Bricks director Miaoqi Liu told Business Times that they have engaged the central bank on the matter. Liu said:

We were fined and we are in the process of communicating with the RBZ on the disclosure issues.

The RBZ has in the recent past been putting in place strict measures in a bid to curb externalisation of funds amid reports that close to US$1bn has so far been siphoned out of the country since the dollarisation of the country’s economy in 2009.

In 2018, the government published a list of over 1 800 companies and individuals alleged to have externalised more than US$800m.

The Silver Dragon case will bring the spotlight on Chinese firms that have for long been accused of externalisation of cash they should be banking in Zimbabwe.

Source:Ocnus.net 2020

Top of Page

Latest Headlines
General Electric Subsidiary to Provide Russian LNG Project With Key Equipment
Chinese state-owned end-users given verbal notice to stop importing Australian coal
The History of the Pharma Cartel
Ferroalloy industry stares into the abyss
The Race for 5G
U.S. restrictions against China's SMIC will cause more pain than gain
Air cargo capacity creeps up as carriers bring in more freighters
Chinese Firm Violates Money Laundering Laws
One Nation in Central Europe Loves Israeli Weapons Systems
Russian plan to dig biggest Zimbabwe platinum mine advances