By Business reporter

In a move that is set to enhance Financial Intelligence Unit’s (FIU) effectiveness in carrying out its national mandate, Government is considering to demerge the Unit from the Reserve Bank of Zimbabwe, the Harare Post has learnt.

A source within the Ministry of Finance and Economic Development said Government through the ministry had resolved to include the autonomy of the FIU in the 2020 Finance Bill.

“Currently, the FIU is under the RBZ and it is not in tandem with the global standards where FIUs are an autonomous entities which have oversight on finance institutions including the central bank,” said the source.

He said during a meeting with a delegation from the International Monetary Fund (IMF) in July this year, RBZ promised that with technical and financial assistance from South Africa’s FIU, Zimbabwe would seek admission into the Egmont group by December 2019.

The Egmont group is an international body of 164 FIU which provides a platform for the exchange of expertise and financial intelligence to combat anti money laundering and combating financing of terrorism.

Experts say the demerging of FIU will boost confidence among local and international stakeholders.