Regulatory Alerts2024-01-05
Bank of Zambia Export Proceeds Tracking Framework Directives, 2023
The Bank of Zambia issued the 2023 Export Proceeds Tracking Framework Directives to mandate the electronic monitoring and repatriation of foreign currency earned from exports. Exporters must open local bank accounts, submit customs declarations, and notify their financial institutions of all foreign currency receipts within ninety days, with payments required via electronic transfer or irrevocable letters of credit. The directives integrate with government revenue and customs systems, authorize regulatory inspections, and impose criminal penalties, fines, or tax clearance revocation for non-compliance.
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