GovernmentÂ says it is in the process of creating a treasury department at the Ministry of Finance and National Planning that would strengthen the fight against pilferage of public resources and cyber fraud.
Ministry of Finance Permanent Secretary in charge of finance management and
administration, Mbikusita Lewanika, said the two vices should be curbed with
Dr. Lewanika said the creation of the treasury department was one measure aimed at
liaising with the financial institutions in assisting government track and monitor
movement of public resources, especially in commercial banks.
He was speaking last night at the Zambia Institute of Banking and Financial Service
annual ball held at Lusaka’s Intercontinental Hotel.
Dr. Lewanika has since urged banks and financial institutions to help government in
tracking greedy and corrupt elements that occur during the distribution of public
resources to other ministries and spending agents.
”I wish to challenge the Zambia Institute of Banking and Financial Services to help
ensure that efforts by banking and financial services sector to curb pilferage of
public resources as provided for under the anti-money laundering Act should be seen
to be working this year,” he said.
He advised the institute to be more vigilant, patriotic and without prejudice, to
ensure that any violation of anti-money laundering Act is dealth with in accordance
with the provisions of the law.
He further urged the banking and financial service sector to design products that
would foster infrastructure development and poverty reduction activities as
stipulated in the fifth national development plan and the vision 2030, which were
Dr. Lewanika also said banking and financial services should stimulate growth in the
manufacturing, tourism, agriculture, construction and service sectors to ensure
sufficient production velocity and economic motion.
And speaking at the same function, ZIBFS President, David Chewe called for teamwork
among members of his institution for quality service delivery.
Meanwhile, the ZIBFS has awarded Bank of Zambia Governor, Claeb Fundanga for his
recognition of the Global Central Banker of the Year 2006.