The Financial Intelligence Centre (FIC) has recorded an increase in the value of suspected money Laundering cases from 4.5 billion Kwacha in 2017 to 6.1 billion Kwacha as at 30th September 2018.
FIC Director General Mary Chirwa this is from the 176 suspicious transaction reports that the center analysed, out of which 80 were disseminated to Law Enforcement Agencies.
Ms. Chirwa Explains that from the 6.1 billion Kwacha, an estimated 1 billion Kwacha was lost to Tax Evasion, 4.9 billion to corruption, 110 million was lost to theft and an estimated 54 million Kwacha was lost to fraud.
She said this in a presentation at the Launch of the 2018 Money Laundering/Terrorist Financing Trends report in Lusaka today.
In Launching The report, Attorney General Likando Kalalula says has noted that financial crime is becoming more difficult to track.
Mr. Kalaluka says there is need for effective commitment in fighting corruption in order to restore public confidence in the country’s Law Enforcement Institutions.
Speaking at the same event, Bank of Zambia Deputy Governor for operations Dr. Bwalya N’gandu has revealed that estimates show that 800 to 2 trillion US dollars worth of Global GDP is laundered every year.
Dr. Ng’andu says this represents between 2 to 5 percent of the global Gross Domestic Product.