The naming and shaming of companies and individuals behind illicit financial outflows from the country has been described as a positive step in fostering accountability and transparency.

Government has moved a step closer in curbing corruption and promoting accountability in the use of the country’s resources after revealing companies and individuals who externalised millions of foreign currency and ignored the moratorium to return the funds.

Economists have commended the move with Mr Conwell Muzhanye urging authorities to further expose directors of companies behind the illegal externalisation of funds.

Diamond mining companies externalised the biggest chunk of foreign currency implying plunder of the country’s rich mineral resources and precious metals.

Business consultant Mr Kingston Khanyile noted a laxity in supervision of the movement of funds outside the country which should be rectified. 

Indications from the published list are that most funds under category 3 on illicit financial flows were externalised to China with numerous Chinese retail and mining companies also dominating the category.

Analysts said there is need to speed up establishment of economic crimes courts so that offenders are brought to book as well as to amend the Reserve Bank Act to plug loopholes and allow alleged culprits to face prosecution.