Zimbabwe: Persons On 'Externalisation' List Can Still Be Prosecuted

opinion

It is submitted that other than just the above-discussed legislative provisions, this declaration presumably signed by those on the list at the time of their various transactions, would constitute another legal basis upon which they can be charged for contravention of the Exchange Control Act. The Act further provides in Section 5(3) that, a person convicted of an offence in terms of the Act shall be liable to such fine or imprisonment for such period as the court deems fit or to both fine and imprisonment.

The publication on March 19 by the Office of the President and Cabinet of a list of individuals and companies alleged to have externalised funds has for various reasons been an anticipated event.

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