Zimbabwe Amends PVO Bill to Meet International Best Practices in Preventing Terrorist Financing
The Zimbabwean Parliament is set to reconsider the Private Voluntary Organisations Amendment (PVO) Bill after revisions were gazetted to address concerns raised by President Mnangagwa.
The President withheld his assent to the initial Bill, seeking amendments to ensure compliance with international best practices in preventing money laundering and terrorist financing.
The revised Bill specifically targets charitable trusts and other organizations that could potentially be misused as conduits for criminal activity.
Key Changes in the Revised PVO Amendment Bill
- Expanded Definition of PVO: Clause Two of the revised Bill provides a more comprehensive definition of “private voluntary organisation” (PVO) to encompass all relevant entities. This ensures even organizations not traditionally viewed as PVOs are covered if there’s a risk of misuse for terrorist financing.
- Financial Oversight: The Bill introduces a role for the Reserve Bank’s Financial Intelligence Unit (FIU) to assist the Registrar of PVOs in monitoring potential money laundering activities.
- Registration Requirements: Clause Six expands the scope of mandatory registration to include certain trusts previously exempt. Organizations receiving external funding for charitable purposes, even if not registered trusts, will now be required to register as PVOs within a designated timeframe.
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