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Author
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Patrick Rajabhu
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Title
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Analysing the effects of money laundering in Zimbabwe’s
business environment. A Case Study of Commercial Bank of Zimbabwe (CBZ) Bank in Harare Central Business District (CBD)
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Abstract
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This research sought to analyse the effects of money laundering on the business environment in Zimbabwe’s financial institutions, using Commercial Bank of Zimbabwe (CBZ) as a case study. Money laundering poses significant effects to banks such as increased financial crime, high compliance costs, and threats to financial system integrity. Despite anti-money laundering regulations, it remains an ongoing challenge for banks globally. The research objectives were to determine the sources money laundering, identify the root causes of money laundering and its prevalence, and establish how to prevents money laundering and how money laundering affects CBZ and other financial institutions in business environment. The researcher used a descriptive case study design, with data collected from CBZ’s Finance or Accounting, security, Auditing, Security, Human Resources department, Housing departments. A sample of 15 participants was selected through non-probability purposive sampling. Data were collected through questionnaires and interviews. The findings show money laundering at CBZ is driven by insider trading, bank secrecy, smuggling, tax evasion and some criminal activities were the most common causes of money laundering. CBZ has encountered some money laundering, showing the limits of their anti-money laundering measures. Compliance officers and regulators plays a key role in detecting, preventing, and investigating money laundering. The effects includes destabilisation of the financial systems economic harm and political corruption. To mitigate these effects, CBZ and other institutions must strengthen compliance regimes, improve suspicious transaction monitoring, and share information with law enforcement. Policymakers should enact stricter anti-money laundering laws and enforce border security to reduce criminal abuse of the financial system. Tackling money laundering is crucial to achieving a transparent, ethical, and sustainable financial system in Zimbabwe. Overall, this abstract provides a concise summary of the study, effectively conveying its essential detail and implication
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Date
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2023
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Publisher
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BUSE
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Keywords
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Money Laundering
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Commercial Bank of Zimbabwe (CBZ)
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Supervisor
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N/A
Patrick Rajabhu.pdf