Banks Partly To Blame For Externalization Of Funds, Bankers Association Of Zimbabwe Confirms

By Alvine Chaparadza

Bankers Association of Zimbabwe (BAZ) has acknowledged that banks hand a significant role to play in making the externalization of funds possible. Some weeks ago, President Mnangagwa released an infamous list that implicated many organizations and individuals in externalizing $827 million worth of funds.

Charity Jinya, BAZ president admitted that some financial institutions had not practiced due diligence in making sure that CD1 forms are submitted for customers and this, in turn, left many international trade transactions unreconciled. CD1 forms are documents used by companies that engage in international trade and submitted to the Reserve Bank of …read more

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