Only $250 million returned under externalisation amnesty

Only $250 million was returned under the amnesty that was granted to those who had externalised funds, a statement by President Emmerson Mnangagwa showed.

He said there were 1 166 known cases of externalisation valued at $1.3 billion but so far 105 cases valued at $250 million were processed by the Reserve Bank of Zimbabwe.

Thirty cases involving immovable property valued at $50 million were also reported as well as 210 cases valued at $287 million where externalised funds were used to procure imports.

“The cases processed to give a success rate of 45% by value,” Mnangagwa said.

“The bulk of the 771 cases (or 55% by value) that did not take heed of the Amnesty pertain to non-remittance of export proceeds (328 cases valued at US$215.8 million), externalisation by foreigners (213 cases valued at US$375 million), non-acquittal of imports (153 cases valued at US$75.1 million) and Panama Papers and others valued at US$150 million,” he said.

The President today extended the amnesty to 16 March and will publish the names of those who do not heed the call on 19 March.

Full statement:

STATEMENT ON THE STATUS OF THE AMNESTY IN RESPECT OF EXTERNALISED FOREIGN CURRENCY AND ASSETS

1.The Presidential Powers (Temporary) Measures (Amendment of Exchange Control Act) Regulations, SI 145 of 2017 gazetted on Ist December 2017 gave an Amnesty in respect of the repatriation of foreign currency and assets that were externalised by commission or omission or under the liberalised Exchange Control Framework. The Amnesty expired on the 28th of February 2018.

2. Government is pleased to advise the public that out of 1166 (valued at $1 .3 billion) cases of externalisation known by Government, a total of 105 cases valued at US$250 million were processed by the Reserve Bank of Zimbabwe (RBZ) in respect of externalised foreign currency. Thirty (30) cases valued at $50 million of immovable properties in various countries were reported to RBZ whilst 210 cases valued at $287 million pertained to externalised funds that were used to procure imports. The cases processed to give a success rate of 45% by value.

3. The bulk of the 771 cases (or 55% by value) that did not take heed of the Amnesty pertain to non-remittance of export proceeds (328 cases valued at US$215.8 million), externalisation by foreigners (213 cases valued at US$375 million), non-acquittal of imports (153 cases valued at US$75.1 million) and Panama Papers and others valued at US$150 million.

4. As a result of this positive response, the Reserve Bank has requested for additional time to validate and finalise the Amnesty process before Government proceeds to name and shame those who did not take heed of the Amnesty and to proceed to take legal action against such cases.

5. In order to facilitate the above, the Bank has sought my Authority to extend the Amnesty period by a two week period. Accordingly, I have granted the authority for the extension of the Amnesty by a period of two weeks to 16 March 2018 after which time the outstanding cases will be publicised on 19 March 2018.

6. For the avoidance of doubt, the Amnesty also pertains to the cases that are before the courts where judgement is yet to be passed.

E.D. Mnangagwa
President of the Republic of Zimbabwe

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