The enactment of progressive commercial laws that allow forfeiture of ill-gotten wealth is expected to bring transparency and accountability towards the achievement of sustainable economic recovery.
The legislature with the support of the new dispensation has enacted legislation and tabled a number of bills aimed at improving accountability, efficiency and preventing corruption.
Commercial law and corporate governance expert, Advocate Canaan Dube said the pieces of legislation have given the greenlight on the road map to economic recovery.
“Law is important in changing the economic situation of Zimbabwe as it introduces behaviour change by cohesion. This parliament has managed to expeditiously enact critical legislation as a long term solution to our economic problems as a result of poor corporate governance and corruption,” said Advocate Dube.
The Procurement Regulatory Authority Act, Public Entities and Corporate Governance Act, Money Laundering and Proceeds of Crime Amendment Bill and the Zimbabwe Investment Development Agency Bill are some of the legislation and bills expected to change and shape the country’s economy.
The law that allows forfeiture of ill-gotten wealth and the mandatory paying back of excessive benefits by chief executive officers are expected to bring confidence and increase accountability in state-owned enterprises.