Money Laundering and Proceeds of Crime Act Act No. 4/2013 CHAPTER I PRELIMINARY PART I CITATION AND INTERPRETATION 1 Short title This Act may be cited as the Money Laundering and Proceeds of Crime Act, 2013. 2 Interpretation (1) In this Act— “account” has the meaning given to this in section 13; “bearer negotiable instruments” has the meaning given to this in section 10; “beneficial owner” has the meaning given to this in section 13; “competent supervisory authority” means any statutory body or authority responsible for the licensing, registration, regulation or discipline of financial institutions, estate agents, legal, accounting or corporate service professionals, gaming operators, precious stones dealers and precious metals dealers; and, without limiting the scope of this definition, includes the competent supervisory authorities listed in Part II of the First Schedule; “compliant jurisdiction” means a State or territory that subjects financial institutions and other persons to requirements equivalent to those specified in this Act, and supervises such institutions and persons for compliance with those requirements in a manner equivalent to that applicable in Zimbabwe (and the terms “incompliant jurisdiction” and “insufficiently compliant jurisdiction” shall be construed accordingly); “correspondent banking service” has the meaning given to this in section 13; “corporate body of a public character” means a body corporate⎯ (a) established directly by or under any enactment for special purposes specified in that enactment; or (b) wholly owned or controlled by the State that discharges statutory functions, including functions specified by or under a licence or other like authority issued in terms of an enactment; “currency” has the meaning given to this in section 10; “customer” has the meaning given to this in section 13; “customer identification and verification” has the meaning given to this in section 13; “dealing with property” means any of the following— (a) a transfer or disposition of property; or (b) making or receiving a gift of the property; or (c) removing the property from Zimbabwe; or (d) where the property is a debt owed to that person, making a payment to any person in reduction or full settlement of the amount of the debt; or (e) using the property to obtain or extend credit, or using credit that is secured by the property; (f) where the property is an interest in a partnership, doing anything to diminish the value of the partnership; -7-