Editorial Comment: Sadc's anti-sanctions stance opens new frontier

herald.co.zw

- herald.co.zw | 3 months ago

In 2017, CBZ Bank was slapped with a $385 million fine by OFAC for thousands of financial transactions done on behalf of ZB Bank, then under economic sanctions imposed by the US.

And the previous year, OFAC had fined Barclays Bank Plc $2,48 million to resolve potential civil liability for 159 apparent violations of the Zimbabwe sanctions regulations. As we speak, Zimbabwe’s banks and money transfer agencies are facing problems in meeting their customers’ obligations owing to the termination of correspondent-bank arrangements between local banks and international finance institutions.

There is also OFAC, which says that the transactions from Zimbabwe should be scrutinised for compliance risk.

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