Zimbabwe: Money Launders Devise New Ways of Cleaning Spoils of Plunder

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(File photo).
14 January 2020

Money launders and beneficiaries of illicit dealings in Zimbabwe have devised new ways of cleaning monetary proceeds from their illegal dealings, Zim Eye can reveal.

A number of illegal cartels mostly linked to elite politicians in the ruling ZANU PF are now regularizing their ill-gotten wealth by morphing into loan sharks during the day.

Of late, a number of loan sharks' businesses have sprouted around the city offering personal loans and school fees loans despite the instability of the macro-economic environment for such financially risky businesses in the country.

"This, will enable them to legitimize their spoils of plunder in the eyes of the general public," said our source who declined to be named in fear of fatal retributals from these mafia-like cartels.

"That's the exact reason these new loan sharks do not mind about the rates and the instability and volatility of the RTGS Dollar on the money market,' said our mole who run the monetary affairs of the son of a senior ZANU PF official whose wife is also a cabinet minister.

They charge from as low as 5 percent up to 15 percent interests on their loans.

These shameless appendages of the ruling ZANU PF have been noted to be targeting mostly farmers, goods importers and up start businesses having created a wider network around all major and minor cities around the country.

To sanitize their uncouth operations, these money launders are popularizing their ill deals as loan sharking which is not regulated under the obtaining financial laws.

Our mole said these are the very same cartels with a stranglehold over the foreign currency black market business in the country.

The US$ dollar and the South African Rand which is scarce in the country can be obtained in abundancy on the parallel market.

The general citizenry unware of these uncanny dealings gradually fall victim to these illicit dealings.

Once the loanee (individual loaned money) gradually repay the loaned amounts, the money becomes legit.

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