01591nam a22001337a 4500100001500000245004000015260003000055300000700085520103700092650022201129856008601351942000701437999001301444  aDaily News  aZim pushes to curb money laundering  aHararebDaily Newsc2014.  a2p  aThe article talks about IFFs in Zimbabwe and measures being taken to counter them as well as the extent to which they are affecting the economy. The Financial Action Task Force (FATF) plans to visit Zimbabwe as part of escalated efforts to mitigate money laundering and combat the financing of terrorism. Measures to be implemented include the ratification of relevant conventions and protocols, enactment of new laws, revision of existing ones, as well as gazetting of requisite regulations. The National Risk Assessment (NRA) would help establish the extent of illicit financial flows in the economy arising from smuggling, tax evasion, transfer pricing, bulk cash movements, fraud, counterfeiting, bribery and kick-backs, among others.The country has lost about $3 billion through illicit financial flows (IFFs) in mining, wildlife, fisheries and timber industries between 2009-2013, mostly through under-invoicing by companies. The $3 billion lost through IFFs is close to the country’s annual budget for 2014 of $4,2 billion.  aBALANCE OF PAYMENTS BANKING SECRECY CAPITAL FLIGHT CAPITAL OUTFLOW COUNTERFEITING DEBT FAKING TRANSACTIONS GOOD GOVERNANCE ILLICIT WEALTH MONEY LAUNDERING NATURAL RESOURCES SMUGGLING TAX EVASION TAX HAVENS UNDEPRICING  uhttp://iffoadatabase.trustafrica.org//iff/zim_pushes_to_curb_money_laundering.pdf  cNA  c291d291