• 2022 FIC Trends report indicates that it received 5,745 reports but only analyzed 155 cases.
• This represents a paltry 2.7% of reports received.
• This is in comparison to 211 reports analyzed in 2021 out of the 2,577 reports received.

Transparency International Zambia (TI-Z) says it is concerned about the declining number of cases analyzed by the Financial Intelligence Centre (FIC) over time.
In a statement, Organization Executive Director Maurice Nyambe observed that an analysis of the 2022 FIC Trends report which was recently released indicates that the Centre received 5,745 reports but only analyzed 155 cases, representing a paltry 2.7% of reports received.
Mr. Nyambe said this is in comparison to 211 reports analyzed in 2021 out of the 2,577 reports received, representing 8.2% of the cases.
“From an overall point of view, we are extremely concerned that the number of cases analyzed by the FIC has been reducing over time and thus limiting the increase in the number of cases disseminated to Law Enforcement Agencies (LEAs).”
“The immediate interpretation of this trend is that the 2022 report has less depth than the report immediately preceding it, which was also the case with last year’s report. Based on this worrying trend, we have very serious concern and reservations about the capacity of the FIC in executing its mandate in an efficient and effective manner,” Mr. Nyambe stated.
He called on the new FIC Board not to leave any stones unturned in addressing underlying financial and technical challenges responsible for this trend.
And Mr. Nyambe attributed the increase in Suspicious Transaction Reports (STRs) to 5,745 in 2022 from 2,577 in 2021to progressive provisions in the recently enacted FIC Amendment Act No. 16 of 2020, which has given the Centre powers to apply financial penalties and restrict economic activities of reporting entities for non-compliance.
“These provisions include the enhancements in customer due diligence and the introduction of administrative sanctions. For the first time in over 3 years, the Centre received 15 STRs from Casinos, which previously provided no reports in 2021 and 2020. This is commendable and we wish to urge the FIC to continue on this trajectory in subsequent reports, in order to allow for trends to be observed on the financial transactions related to Casinos in particular” he noted.
He further noted the continued use of corporate vehicles in facilitating fraud, theft, corruption, money laundering and illicit financial flows (IFFs), especially through the public procurement system, adding that is currently working on an interactive beneficial ownership register that will interface company registration information with public procurement information.
“Further, in line with our recent study on IFFs, the case studies also reveal that the use of cash and the purchase of vehicles are significant risk factors for IFFs in Zambia. The FIC received 1,965 STRs on cash related transactions representing 34% of the total STRs reported. These STRs and CTRs include suspicious use of cash in the purchase of second-hand high-value vehicles. There is need, therefore, to limit the use of cash in order to improve the identification and tracking of illicit financial transactions.”
Mr. Nyambe further called on the FIC to provide an overall report on the status of cases disseminated to the Law Enforcement Agencies following the 2021 trends report as it is not sufficient to receive, analyze and disseminate cases to these institutions.
He stressed the need for follow-up action on the extent of investigations or prosecution on all the cases disseminated.
In 2022, Financial Intelligence Centre (FIC) analyzed 13 reports on suspected corruption valued at approximately K1.6 billion, mainly bordering on abuse of office and procurement corruption.