Money Laundering and Proceeds of Crime Act Act No. 4/2013 “ultimately owns or controls the rights to or benefits from property”, has the meaning given to it in section 133; “Unit” means the Bank Use Promotion and Suppression of Money Laundering Unit established in terms of section 3 of the Bank Use Promotion Act [Chapter 24:24] (No. 2 of 2004); “wire transfer” has the meaning given to it in section 13; “Zimbabwe Revenue Authority” means the Zimbabwe Revenue Authority established by section 3 of the Revenue Authority Act [Chapter 23:11] (No. 17 of 1999). (2) When property is held by a legal person, a natural person is deemed to ultimately own or control rights to or benefit from property of that legal person within the meaning of paragraph (a) of the definition of “beneficial owner” in subsection (1), if the natural person— (a) owns or controls, directly or indirectly (including through trusts or bearer share holdings) twenty-five per centum or more of the shares or voting rights of that legal person; or (b) otherwise exercises control over the management of the legal person; (3) The Minister may, by notice in a statutory instrument, declare that any person or incorporated or unincorporated association of persons providing any financial service of a description specified in the declaration shall be a financial institution for the purposes of all or any of the provisions of this Act and may in like manner amend or revoke any such declaration. (4) A reference in this Act to another enactment includes a reference to any enactment replacing it, if the replacing enactment substantially re-enacts the relevant provisions of the original enactment. PART II GENERAL PROVISIONS TO SECURE COMPLIANCE WITH THIS ACT 3 Unit and competent supervisory authorities to cooperate in securing compliance with this Act (1) In addition to its other functions the Unit shall, fort the purposes of this Act, have the functions of— (a) to combat money laundering, the financing of terrorist activities, and the use of the financial system to commit or facilitate the commission of serious offences; and (b) to provide assistance and information to foreign counterpart agencies, and to any international organisation, for the purpose combating money-laundering, the financing of terrorist activities and the commission of serious offences, whether in Zimbabwe or elsewhere. (2) The Unit, acting with the cooperation of the competent supervisory authorities, bears the primary and general responsibility for ensuring compliance with this Act. (3) Competent supervisory authorities shall, under the guidance of the Unit, supervise compliance with the applicable requirements of this Act by financial institutions and designated non-financial businesses or professions for which they are responsible. (4) A directive shall define the scope and extent of the cooperation required by the Unit from competent supervisory authorities for ensuring compliance with this Act, and such directive shall prevail over any inconsistent provision of a law constituting, establishing or designating the competent authority in question. 3 This should refer to subsection (2) lower down in the same section, not to section 13. - 12 -