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Former Minister of Finance and leader of the People’s Democratic Party, Tendai Biti, has said that President Emmerson Mnangagwa should have amended the laws regarding the externalisation of funds if he is to be able to successfully prosecute looters. Biti argues that the laws as they stand have loopholes which will ensure that culprits get off. This comes after Mnangagwa extended the moratorium for people to return externalised funds to the 16th of March 2018.
"There needed to be a legal clarity reconciling Section 42 of the Reserve Bank Act, the Exchange Control Regulations and the amnesty proclamation.
But you and I know that even though Mnangagwa is a lawyer, all his legal pronouncements have been legally deficient, starting with the announcement of ministers which did not take into account the provisions of Part 5 of the constitution. So even though he is a lawyer, he is legally illiterate.
When you talk of externalisation, you are talking of getting foreign currency, that is money which is not the legal tender of that country outside Zimbabwe. So after 2009, we have to be careful now because the US dollar is now the legal tender.
…So if they try and arrest people (on externalisation charges) lawyers will have parties in town because of the lack of that clarity.", said Biti.
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