Zimbabwe's Struggle to Recover $1 Billion in Looted Funds Hampered by Weak Judicial Systems

Zimbabwe's Anti-Corruption Commission (ZACC) is facing significant obstacles in its efforts to recover an estimated $1 billion in looted funds believed to be hidden in foreign countries. To date, only $136 million has been recovered, highlighting the challenges posed by the nation's weak extra-territorial judicial systems.

Thandiwe Mlobane, spokesperson for ZACC, emphasized the difficulties in recovering assets stashed outside Zimbabwe. "Some of the assets that are within the $1 billion are stashed outside the country where we do not have jurisdiction to carry out investigations," she said. The commission has engaged the National Prosecuting Authority of Zimbabwe (NPAZ) to seek mutual legal assistance from foreign countries to investigate and recover these assets.

The recovery of looted funds is vital for Zimbabwe's economic development and stability, as it can help to restore public trust in institutions and promote accountability. If the country fails to recover the funds, it may perpetuate a culture of corruption and undermine efforts to address poverty and inequality.

One of the major obstacles is the fact that some of the assets were procured before the Anti-Money Laundering Act was enacted in 2020. This legislation is vital for the forfeiture process, and its absence for earlier assets limits ZACC's ability to recover more funds. Despite these challenges, Mlobane remains optimistic about Zimbabwe's legal framework. *"In terms of the legal framework, we have the legal framework in place in Zimbabwe. It is there. And if there are any gaps, the gaps are very minimal. The legislative framework itself is very strong,"* she stated.

The government has set a target to recover at least $1 billion worth of assets from proceeds of crime. However, the lack of jurisdiction over assets hidden abroad and limited cooperation from foreign countries pose significant barriers. The NPAZ is working with its counterparts in different jurisdictions to carry out investigations on behalf of ZACC through mutual legal assistance.

The challenges faced by ZACC were recently discussed at the Financial and Asset Recovery Training workshop held in Harare. The event highlighted the need for better coordination between ZACC and NPAZ to enhance the recovery process. Despite the difficulties, the recovery of $136 million is seen as a significant achievement since the unit was established in 2019.

Prosecutor-General Justice Loyce Matanda-Moyo has reiterated the government's commitment to tracking and repatriating proceeds of corruption hidden outside Zimbabwe. The ongoing efforts to engage international counterparts highlight the importance of global cooperation in addressing corruption and financial crimes.

Zimbabwe's struggle to recover looted funds highlights the complexities of international asset recovery and the need for robust extra-territorial judicial systems. While the country's legal framework is strong, the challenges of jurisdiction and historical limitations continue to hinder progress. The recovery of $136 million is a step forward, but much work remains to achieve the $1 billion target.

Key Takeaways

• Zimbabwe's Anti-Corruption Commission (ZACC) aims to recover $1 billion in looted funds hidden abroad.
• Only $136 million has been recovered due to weak extra-territorial judicial systems.
• ZACC faces challenges in recovering assets stashed outside Zimbabwe, where it lacks jurisdiction.
• The government has set a target to recover at least $1 billion worth of assets from proceeds of crime.
• Global cooperation is crucial in addressing corruption and financial crimes, says Prosecutor-General.