Monday
July 20
2020

Zimbabwe Accuses Mobile Phone Operator Econet of Money Laundering

Zimbabwean police have issued a warrant against the largest mobile phone operator Econet Wireless to hand over a list of its mobile money transactions and subscribers because authorities suspect it of involvement in money laundering, according to the warrant.

President Emmerson Mnangagwa’s government has already suspended some of Econet’s mobile money transactions. Authorities last month also halted all trade on the local stock exchange.

In the search warrant issued on Friday night and seen by Reuters, police accused Econet of creating fictitious mobile money and converting it to cash to facilitate purchasing foreign currency on the black market and taking the money out of Zimbabwe.

Photo courtesy of ZeroOne.

Source: Reuters (link opens in a new window)

Categories
Finance
Tags
government, LMICs, mobile money, mobile phones, smartphones, telecommunications