Zim urged to address banking sector weaknesses

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The international Monetary Fund has urged Zimbabwe to address banking sector weaknesses.

THE International Monetary Fund (IMF) says Zimbabwe should persist in vigilance to ensure financial stability, including by addressing remaining banking sector weaknesses.

In a report following its latest consultation with the country, the Bretton Woods institution welcomed Zimbabwe’s removal from the Financial Action Task Force’s (FATF) grey list and applauded “progress on strengthening the AML/CFT framework”, but encouraged further efforts to address “the remaining deficiencies”.

Zimbabwe had been placed on the grey list in 2019 following an evaluation process that identified a number of deficiencies in the country’s anti-money laundering standards.

The FATF said after a site visit by its experts, significant progress has been made in addressing the strategic anti-money laundering or combating of financing terrorism deficiencies previously identified.

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