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The fight between EcoCash and the Financial Intellignce Unit has reached its climax.
In a letter dated, 19 May, 2020, the FIU said that it wants to penalize EcoCash,EcoCash’s CEO,Natalie Jabange and EcoCash’s Director, Eddie Chibbi for violating the Money Laundering law by failing to rein in its Agents. Below is an excerpt of the letter:
We write to advise you of the Financial Intelligence Unit (FIU)’s intention to penalize:
(a) Ecocash (Private) Limited (Ecocash);
(b)Natalie Jabangwc, Ecocash Chief Executive Officer; and
(c) Eddie Chibi, Ecocash Director.
in terms of section 5 of the Money Laundering and Proceeds of Crime Act [Chapter 9:24) (the Act), for failure to comply with obligations imposed on financial institutions and their officers, employees, directors, and agents.
Ecocash’s failure to carry out its obligations in terms of the Act is directly attributable to the incompetence, ineptitude, and unprofessionalism in the execution of duty by its management and directors, more particularly Natalie Jabangwe. the Chief Executive Officer, and Eddie Chibi, a director who plays a prominent role in the day to day operations of Ecocash. Natalie Jabangwe and Eddie Chibi are, therefore herein charged in their individual capacities. jointly and severally with Ecocash, on all charges.
The three parties were given 7 days to respond to the accusations leveled by the FIU.