Regulatory Alerts2020-11-23
Directive on Preventing Proliferation Financing
The Financial Intelligence Unit of Zimbabwe mandates financial institutions and designated non-financial businesses to immediately identify, freeze, and report funds or assets belonging to United Nations Security Council-designated persons and entities linked to Iran and North Korea weapons of mass destruction programs. The directive requires reporting within 24 hours of asset control, outlines permissible payments requiring prior authorization, and extends screening obligations to entities acting on behalf of or owned by designated parties. Financial institutions must conduct immediate customer screenings, notify the Unit within 48 hours for existing customers or 24 hours for matches, and follow a formal process to unfreeze mistakenly identified assets.