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(1) An irl of - VeritasZim

Statutory Instrrrment I45 of ?A17, [CAn 10:20. Presidential Powers (Ternporary Measures) (Arnendment of iixclmnge Control Ac$ Regulations, ZALT. HIS Excellency tlte President, in terms of section 2 of the Presidential Poweru (Iennporary Measures) Act [Chapter 10:20], hereby makes the following regulations:- Title 1. These regulations may be cited as the Presidential Powers ( temporary Measures) (Arnendment of Exchange Control Act). Regulations, 20L7. New section inserted in Cap. 22:05. 2 .'I' heExc lrange C ontrol Act IC h ap t e r 2 2 : 0 5] (he re i na fter c al I e rJ. "the prtncipal Act") is amended by tlre insertiou of the fotlowing section after section 10- "1 "l Amnesty in respect of illegalty expatriated property (1) An amnesty irl rcspect of illegally expatriatecl propefly shall come into force in accordance with the ienns of the Schedule.)

Statutory Instrrrment I45 of ?A17, [CAn 10:20 Presidential Powers (Ternporary Measures) (Arnendment of iixclmnge Control Ac$ Regulations, ZALT. HIS Excellency tlte President, in terms of section 2 of the

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Transcription of (1) An irl of - VeritasZim

1 Statutory Instrrrment I45 of ?A17, [CAn 10:20. Presidential Powers (Ternporary Measures) (Arnendment of iixclmnge Control Ac$ Regulations, ZALT. HIS Excellency tlte President, in terms of section 2 of the Presidential Poweru (Iennporary Measures) Act [Chapter 10:20], hereby makes the following regulations:- Title 1. These regulations may be cited as the Presidential Powers ( temporary Measures) (Arnendment of Exchange Control Act). Regulations, 20L7. New section inserted in Cap. 22:05. 2 .'I' heExc lrange C ontrol Act IC h ap t e r 2 2 : 0 5] (he re i na fter c al I e rJ. "the prtncipal Act") is amended by tlre insertiou of the fotlowing section after section 10- "1 "l Amnesty in respect of illegalty expatriated property (1) An amnesty irl rcspect of illegally expatriatecl propefly shall come into force in accordance with the ienns of the Schedule.)

2 (2) Subject to the Schedule, this section and the Scheclule shall be deemed to be repealed on the lst Vlarch, ". 3. T'he principalAct is amended by the insertion ofthe following schedule thereto- " Scr{EDur-n (,Sec lio tt I l). Amnesty in Respect of Illegally Expatriated Property A RRANGEMENT OF PARAGRAPHS. Section 1. Interpretation in Schedule. 2. Administration of amnesty and porvers of Governor of Reserve Bank. 3. Non-application of certain criminal and other laws in restrrect of amnestied conduct, 4. Scope of arnnesty. 5 Application for and granting of amnesry. Lt37. DISTRIBUTED BY VERITAS. e-mail: website: Veritas makes every effort to ensure the provision of reliable information, but cannot take legal responsibility for information supplied. Presiclential Powers (Temporary Measures) (Amenclment of Exchange Control Act) Regulations ,20L7.}

3 Ser:lion 6. Proof and modalities of repatriation. 7. Eligibility for amnesty. B. Withdrawal of amnesty". 9. Inclemnity for facilitators and dury of confidentiality by Reserve Bank, etc. 10. Regulatory powers of Minister. APPENDIX: Sample of Acts or Omissions Constituting Illegal Exptriation of Property. hfierpre tation in S chedule 1. (1) In this Schedule, unless the context otherwise requires- "amnesty" means, in a general sense, the amnesty for principals and facilitators conternplated by this Schedule that begins on the 1st I)ecernb er, 20L7 , and ends on the 28th February 2018, and, in a particular sense, an amnesty granted in conformity with this Schedule to an applicant therefor;. "elmnestiecl periocl" means any periocl before the lst December, 2017', "Authority" means the Zimbabrve Reventre Authority as established by th e Zimbabwe Revenue Authority Act lChapter 23: l1).

4 "Exchange Control Inspectorate Department" means the Exchange Control Inspectorate Department of the Reserve Banlq being the department of the Reserve Bank responsible for ensuring cornpliance with this ;. "facilitator" has the meaning given to that word in paragyaph a$);. "illegal expatriation of property" lneans the expatriation of property as described in paragraph A(2) in contravention of- (a) this,Act or ally regulation, ordel'or direction made uncler this Act for which a criminal or other penalty is impxlsed;. (b) any provision of the Money l,aundering Act for which a criminal or civil penalty is imposed; and (c) arly law aclministered by the Zimbabwe Revenue Authority under theZimbabwe RevenueAuthority Act lChapter 23 :1 ll for which a criminal or other penalty is imposed;. 1138. 115 of 2017.

5 "Money Laundering Act" means the Money l-aunclering ancl Proceecls of Crirne Act lChapter g:217;. "principal" has the meanirig given to that worcl in paragraph 4Q). (2) Where a person, other than an employee, acts in accorclance rvith the clirections, , suggestions or wishes o[ another persor], r,vhether or not the persons are in a business relationship and rvhether or not those directions, requests, sugge"stions or wishes are communicate<1 to the lirst- mentioned person, both persons shall be treatecl as associates gf each other for the purposes of this Act. Adminislratiort of antnesty ctncl powers of Gctvernor af Reserve lhank 2. (1) The Exchange Control Inspectclrate Department shall be respollsible for adrninistering the amttesty and for ensuring complialce by successful applicants therefor with the terms of their amnesties.

6 (2) The Governor of the Reserve Bank shall have the authority t<l clo anything necessary for the efficient and effective applicatiol or irnplementation of this Schedute. Non'altplicatiort oJ certain crirntnctl anrl other lav,s in respect a,f cunrtestie1. conduct 3. (1) Subject to this Schedule, for the purpose of this anrnesty, the violation clf anyprovisionotthisActor thecrirninal law of Zimbabrvefor rvhich an arnnesfied person would, but fior this Schedule, be liable to be prosecutecl by the National ProsecutingAtrthority shall not be deemed to be criminal concluct. (2) Section 10 of thisAct, and section 348 ("Reward for inlbnnati6n"). of the Revenue Authority Act lChapter 23:Lll (No. t7 of Lggg;) shall rrot apply to any inforrnation provided or nleasure taken which relates to arl offence for which an amnestiecl person is not liable by virtue of this Schedule to be prosecuted by the National Prosecuting Authority.

7 Scope of anrnesg 4.(1) An amnesty may be applied forin respectof any illegally expatriared prclperty within the $cope of this paragraph. (2) Il Iegal ly expatriated property comprises - (a) any currency, gold, precious stones and securities that the applicant for the amnesty has exported, extemalisecl or expatriatecl fiom , :r :,'r,nfr#ili fit#[lT{lfiff *fi r n] fiF,lffi 1r39. Presidential Powers (Temporaty Measures) (Amendment of Exchange Control AcQ Regulations, 2OL7. (b). i:ff:in'r":: ilI':l: rfff:;lilljtt1"ffi.};I[ll};l1: (c) the proceecls of any sale or other alienation of any moveable or immoveable property referred to in paragraph (b). (3) Subject to subparagraph (5), any person (hereafter in this Schedtrle referrecl to as a "principal") who, before the lst December, 20L7, illegally expatriated property- (a) personally; or (b) through or by the use of*.)]

8 (i) a banking institution or other financial institution;. (ii) any person in a "desigrratecl occupation" as defined in the Money Laundering Act;. (iii) a cCImpany, trtrst or other entity in which the principal has a controlling or predominant interest; or (iv) any associate o['the principal;. clualifies for un amnesty under this Schedule. (a) In addition, subject to subparagraph (5), any person rvho facilitated the illegal expatriation of property (hereafter in this Schedule referred to as a "facilitator"), that is to say- (a) an associate of the principal;. (b) rvho is the benenciar H;I':;il#r.::,T1,:;mi::cipar (c) any of the following- (i) a banking institution or other financial institution;. (ii) arry person in a "clesignated occupation" as defined in the Money L-aundering Act;. (iii) a company, trust or other entity in which the facilitator has a controlling or predominant interest.]

9 (iv) any associate of the facilitator;. qualifies for ar1 arnnesty uncler this Schedule in all respects as if he or she is a princillal. (5) An amnesty granted to- (a) a principal under subp'ar:agraph (3)- (i) atrtornatically absolves the facilitator of any criminal or liability irr relation to property that was illegally expatriated 1140. 145 of 2017. with the assistance of the facilitator, but only to the extent that the property in question is disclosecl in the application for the amnesty; and (ii) does not affect the liability for tax of the principal on any property that was illegally expatriated, providerl that rhe principal shall not be subject no any penalty by way of interest or enhanced tax on the property in question;. (b) a facilitator under subparagraph (4)- (i) does not thereby absolve the principal unless the principal, either independently or together with the facilitator, applies for an amnesfy under this Schedule; and (ii) does not affect the liability for tax of the facilitator in a representative capacity on any property that was illegally expatriated, provided that thefacilitator shall not be subject to any penalty by way of interest or enhanced tax on the properfy in question.

10 (6) Subject to the conditions set out in this Schedule, when an amnesty is granted in teruns of this Schedule, it shall preclude the Reserve Bank, the Authority and the National Prosecuting Authority from prosecuting an offender or imposing civil or administrative penalties for any act constituting the illegal expatriation of property or lor any activity constituting a misrepreserttation or non-disclosure necessary to facilitate the illegal expatriation of property. (7) In relation to this Act, the acts or omissions specified in the Appendix are indicative (but not exhaustive) of the kinds of acts or omissions in respect of which an amnesty may be sought. Applicationfor and granting of amnesty 5. (1) A principal or facilitator who, but for this Schedule, would be liable- (a) to any civil or administrative penalty; and (b) to be prosecuted by the National Prosecuting Authority.


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