A new law that will see illegal foreign currency dealers sentenced to 10 years in jail comes into effect today.

The new law follows President Emmerson Mnangagwa’s intervention through amendment to the Exchange Control and Money Laundering and Proceeds of Crime Act.

The coming into effect of the new statutory instrument which prescribes 10 years imprisonment for illegal foreign currency dealers today is expected to put a stop on informal currency traders who continue defying the money laundering law.

A snap survey by ZBC News showed some of the dealers who appeared to be ignorant as they were caught on camera milling and trading currency around their traditional hunting grounds in the capital.

The National Business Council of Zimbabwe said the President is spot on and it now calls for both political will and all institutions of authority to play their part in bringing the perpetrators to book.

Economic analyst Vince Musewe said it is the norm in all developed countries for authorities to do checks and balances on financial transactions to detect money laundering and unexplainable wealth, hence the new legal instrument to sanitise the financial deals was long overdue.

The President is on record describing the parallel market activities as a national security threat which the new dispensation will not tolerate.