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#FactChecking on #Externalisation
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This is a story by a leading business weekly, the @Zimindependent by its Chief Reporter, Andrew Kunambura.
@Faye_Zaba @nevanjim @ZimFact @wisdomdzungairi @czionline @sekaikuvarika @ZNCCNational @baba_nyenyedzi @kudzie_sharara
Thread
This is a story by a leading business weekly, the @Zimindependent by its Chief Reporter, Andrew Kunambura.
@Faye_Zaba @nevanjim @ZimFact @wisdomdzungairi @czionline @sekaikuvarika @ZNCCNational @baba_nyenyedzi @kudzie_sharara
2/ What is to “externalise money” in the generic sense?
This is when one takes money which is not a local currency out of the country.
Is a foreigner here spending its money, externalising the money from his/her country? @RangaMberi @rangamataire @HeraldZimbabwe
This is when one takes money which is not a local currency out of the country.
Is a foreigner here spending its money, externalising the money from his/her country? @RangaMberi @rangamataire @HeraldZimbabwe
3/ The Global Financial Integrity (GFI) defines “illicit financial flow” as an illegal movement of money or capital from one country to another. See what is illegal.
@zimlive @BitiTendai @lawsocietyofzim @kukurigoZW @newswireZW @FingazLive @ZimTreasury @GGuvamatanga @MthuliNcube
@zimlive @BitiTendai @lawsocietyofzim @kukurigoZW @newswireZW @FingazLive @ZimTreasury @GGuvamatanga @MthuliNcube
4/ The main legal instrument for exchange control is the Exchange Control Act administered by the @ReserveBankZIM. There is no definition of what externalisation is & how it’s determined.
On the RBZ website, there is an FAQ on exchange control. There is nothing about it too.
On the RBZ website, there is an FAQ on exchange control. There is nothing about it too.
5/ When a foreign currency is a local tender & one makes payments out of the country for normal individual/household consumption or business operation, is that externalisation?
There is need to separate externalisation from illicit financial flow & money laundering.
There is need to separate externalisation from illicit financial flow & money laundering.
6/ #Externalisation can be described “as a transfer, export or expatriation of property (precious minerals, currency, securities, debts and assets) from one country to another contrary to restrictions and administrative measures for international transactions that govern them.”
7/ BIG Questions on foreign transactions:
Is buying forex cash notes from the street to take it out of the country to go & save or spend for individual/household consumption or legitimate business operation equal to externalisation? If yes, how should it be done?
Is buying forex cash notes from the street to take it out of the country to go & save or spend for individual/household consumption or legitimate business operation equal to externalisation? If yes, how should it be done?
8/ Is finding a supplier with forex outside of the country & then pays it in local currency or in forex cash notes here in return to have a foreign transaction settled whether by a forex cash deposit or bank transfer equal to externalisation? If yes, how should it be done?
9/ Is a failure to do a declaration of earned forex from here or failure to do an acquittal of earned forex through exports equal to externalisation? If yes, how should it be done?
10/ Is someone with an immovable property or productive asset here and then gets paid for it outside of the country where the proceeds of the sale are banked in a foreign country equal to externalisation? If yes, how should it be done?
11/ Is paying in foreign currency using an international VISA card for an air ticket for someone flying to in another country from a foreign base equal to externalisation? If yes, how should it be done?
12/ Is paying for accomodation now foreign currency using an international VISA card for someone in a foreign country equal to externalisation? If yes, how should it be done? @NewsHawksLive @BusinessTimesZW @BusisaMoyo
14/ Is buying forex from the street or receiving free funds & then depositing it in one’s FCA account for an international VISA/MasterCard & then make international payments online or when one travels outside the country equal to externalisation?
14/ These questions appear very simple but they should unravel the legal minefields that have beset the social-political and economy systems.
Many times #externalisation has been wrongly viewed as money laundering & illicit financial flow.
Many times #externalisation has been wrongly viewed as money laundering & illicit financial flow.
15/ My attempt to have a one-on-one engagement with the @Zimindependent author of the article, Andrew Kanambura, yielded nothing.
That’s the quality of journalism we have in Zimbabwe. @Zimra_11 @ZACConline @PoliceZimbabwe @VoluntaryMedia @DumisaniMuleya
That’s the quality of journalism we have in Zimbabwe. @Zimra_11 @ZACConline @PoliceZimbabwe @VoluntaryMedia @DumisaniMuleya
16/ When it comes to this alleged crime of externalisation, the results of a search online only gives results about Zimbabwe. There is nowhere else in the world where one finds this alleged crime.
@BrezhMalaba @EdmundKudzayi
@BrezhMalaba @EdmundKudzayi
17/ No conviction has ever been secured over this alleged crime except acute violation of the constitution’s
s71(2) #PropertyRights,
s63(1)-(3) #DueProcess &
s71(3) #DueExpropriation.
The state authorities here are keen to use a war tanker to kill a fly
@Wamagaisa
s71(2) #PropertyRights, s63(1)-(3) #DueProcess & s71(3) #DueExpropriation.The state authorities here are keen to use a war tanker to kill a fly
@Wamagaisa
18/ #Externalization is a term either created and/or popularised by Gideon Gono as a political tool against Chris Kuruneri, @mmawere & @JamesMakamba.
19/ These prominent three plus more low level cases were criminalised through the statist assumption that private export earnings belong to the state & yet the state wasn’t involved in equity & debt funding, production & distribution of the export products.
20/ Here is a review minute by Justice Msakwa on a case involving the crime of so called externalisation & yet one finds the state authorities still making references to a fictitious crime & the media vachivapembedza without question. Pages 1-4
21/ Pages 5-6
22/ The Gideon Gono inspired use of the word #externalisation outrageously defies logic.
