SI 2017-145 - PPTM (Amendment of Exchange Control Act) Regulations - AMNESTY IN RESPECT OF ILLEGALLY EXPATRIATED PROPERTY

Presidential Powers (Temporary Measures) (Amendment of Exchange Control Act) Regulations, 2017.
 
AMNESTY IN RESPECT OF ILLEGALLY EXPATRIATED PROPERTY
 
These regulations were gazetted on 5th December 2017 following the announcement of the amnesty by President Mnangagwa in his inaugural speech on 1st December . 
 
They make temporary provision, for an amnesty expiring at the end of February, in respect of property illegally exported before the 1st December 2017.
 
The amnesty will be administered by the Reserve Bank's Exchange Control Inspectorate Department in accordance with the very detailed provisions of the regulations.
 
Applications for amnesty must be made no later than 28th February.  Straightforward applications must be determined within 10 days of receipt.
 
Applications will be dealt with on a case-by-case basis and will be dependent on an applicant satisfying certain conditions, including full disclosure and repatriation of the property concerned - or, in cases involving immoveable property, the sale of the property and repatriation of the proceeds.   The deadline for repatriation of such property is 31st March 2018, extendable for not more than 180 days on good cause shown.  

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