Zambia Lost K6.1 Billion To Financial Crimes In 2018

By Lomphande Muzumi

The Financial Intelligence Centre-FIC- has revealed that Zambia lost a total of K6.1 billion linked to suspicious financial transactions such as corruption, theft, fraud and tax evasion in the year 2018.

According to the centre, the most prevalent forms of corruption noted in 2018 were those involving bribery, self- dealing amounting to K4.9 billion while k1 billion was lost in tax evasion among others.

Speaking at the launch of the 5th money laundering and terrorist financing trends report for 2018 in Lusaka today, FIC Director General Mary Chirwa attributed the increase in trends involving suspicious financial transactions from K4.5 billion in 2017 to k6.1 billion in 2018 to the increase in the value of transactions related to corruption.

Meanwhile, Ms Chirwa disclosed that the centre analysed 176 suspicious transaction reports of which 80

were disseminated to law enforcement agencies on suspicions covering of tax evasion, fraud, corruption and money laundering.

At the same event, Attorney General Likando Kalaluka advised law enforcement agencies to retrospect on the fight against financial crimes and use the report to strengthen the law

Last years financial intelligence centre report attracted a sharp reaction from government which accused the centre of having broken internal communication channels by availing to the public information that was first supposed to be reported to government and law enforcement agencies.

Chief Government Spokesperson Dora Siliya explained that the information gathered by the FIC is intelligence information which can be regarded as rumors which is why it is first supposed to be reported to law enforcement agencies such as the ACC,DEC and the police for further investigations, verifications and prosecution.


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