Two employees of a private packaging firm have appeared in court accused of running an unlicensed money transfer business and laundering more than US$1.5 million.

Kudzai Munatsi (37) of Marondera, and Natash Matare (25) of Kuwadzana 6, Harare both employed by Global Packaging Services Investments (Pvt) Ltd in Belvedere were brought before the Harare Magistrates' Court following their arrest on 18 August.

Prosecutors allege that between January and August this year, the pair facilitated external payments worth US$1.55 million to the United Arab Emirates on behalf of local clients.

Authorities say they received cash in Zimbabwe and settled payments offshore without approval from the Reserve Bank of Zimbabwe (RBZ).

Police recovered receipt books and US$310,145 in cash during the arrest.

The duo face two charges: making external payments without RBZ authority in contravention of the Exchange Control Act and accompanying regulations and money laundering by concealing the true source and movement of illicit funds.

Both Munatsi and Matare were granted bail of US$500 each.

The case has been remanded to 15 September.