THE Financial Intelligence Unit (FIU) has advised local financial institutions to carry out due diligence when conducting transactions with businesses in countries that have been red-flagged as high-risk to counter money laundering and terrorist financing.
The FIU is an arm of the Reserve Bank of Zimbabwe (RBZ). It said some of the countries identified by the Financial Action Task Force (FATF) as high-risk were North Korea, Iran and Myanmar.
FATF is an inter-governmental body established in 1989 and its objectives are to protect financial systems, economies from threats of money laundering and the financing of terrorism and proliferation.