Monday, June 24, 2024

CTPD calls for the Protection of Financial Intelligence Centre (FIC)

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The Centre for Trade Policy and Development this morning appeared before the Committee on Cabinet Affairs to make a submission on the Role of the Financial Intelligence Centre (FIC) in the fight against Corruption and other Financial Crimes.

According to the statement released to the media by Mwaka Nyimbili, CTPD Information and Communications Specialist, corruption in Zambia is a big issue and continues to undermine the country’s ordinary citizens’ ability to adequately access public services such as health, clean water, proper housing, education, etc.

The situation of corruption in Zambia has been worsening and increased by a point from 38 in 2016, to 37 in 2017, and by two (2) points from 37 in 2017 to 35 points in 2018 (Transparency International, 2018). Of the 180 countries, Zambia was ranked at number 105, indicating high levels of corruption (Ibid, 2018). As such, citizens continue to lose trust in public service delivery in the country.

In its submission to the Committee, CTPD Executive Director Isaac Mwaipopo called for the protection of the Financial Intelligence Centre as this will help address insinuations by the General Public that it is operating outside its mandate.

Mr. Mwaipopo observed that the Financial Intelligence Centre is operating according to the Mandate it was established and that there is need to strengthen the functions of the FIC in addressing the weak coordination between the Centre and Law Enforcement Agencies.

He, however, added that the FIC is well-positioned to contribute to the fight against corruption because it is a key agency in domestic and international efforts to tackle money laundering and the financing of terrorism.

“Zambian FIC receives and analyses suspicious financial transactions which are then passed on to law enforcement agencies for onward investigations and possible prosecution where sufficient cause is established. In this case the role of the FIC is to be a provider of information to other agencies. What the other agencies do with the information they are provided with is entirely out of the control of the FIC’’, Mr. Mwaipopo said.

Going by the findings from CTPD research on the role of the FIC, Mr. Mwaipopo recommended the following to the committee:

(1) The need for increased funding to the FIC to enable it to carry out its mandate effectively.

(2) There is an urgent need for strengthened coordination between the various law enforcement agencies and the FIC to ensure increased chances of success in prosecution and conviction of cases brought up for investigation.

(3) Financial crimes are complex and fighting them requires an agency such as FIC to be well equipped with the latest technologies and training on fighting and tracking financial crimes. This therefore calls for increased budgetary support for trainings. (4) There is need for more protection from abuse of the members of staff at the FIC from members of society and politicians. In the past, the members of the FIC have been subjected to verbal and other forms of abuse for simply carrying out their work as required by the law.

Issued by
Mwaka Nyimbili
CTPD Information and Communications Specialist

10 COMMENTS

  1. It’s not just protection of FIC, the whole chain needs to improve. ZP, ACC and DEC need reform and upgrading because it’s them who have power to further investigate and arrest.

  2. They exist, does that not entail their protection? If we wanted to get rid of them they would be gone by now. Kz

  3. The ruling party will do anything to get rid of the FIC whether it means closing it down or taking it over so they can continue looting without being held accountable !!!!!!!!!!!!!!!!!!!

  4. @Enough: FIC act was ready 2010, meaning it was prepared by the Mwanawasa administration but never implemented. It was reworked in 2017 and enacted only under the Edgar Chagwa Lungu administration and the FIC you know today came into being. DO NOT TWIST FACTS AND DISTORT OUR HISTORY. How can the current PF GRZ create an institution that is crucial to anti-corruption but “steal” openly and expect not to be caught?? Uli shilu???

  5. Ba PF , stop lying……

    FIC was not created by GRZ and enacted by lungu because of his love to fight corruption…….FIC is a requirement for certain global banking certifications brought about to help fight terrorist funding.

    FIC was enabled by PF and lungu to help GRZ acsses western loans…..

  6. Spaka chikopo….global financial institutions and governments do recommend certain standards to bring the country to global standards but it is our Parliament that creates, scrutinises and approves or rejects acts and laws on behalf of Zambians. If FIC was created by Mwanawasa, you would be praising him but since it was done by ECL, he doesn’t deserve any credit.

  7. Zambian Citizen

    You can only lie to your kaponya thugs………..the creation of FIC was a necessary clearance to access global banking and funds….

    This was not out of lungus desire to fight corruption, if lungu had his way , FIC would have been dismantled by now,

    A lot of questions by donner aid countries would be asked if PF try to dismantle FIC….

    Stop trying to mislead peopl.

  8. Enlighten us, you twit: which and how much global banking funds were accessed by this GRZ since FIC came to being in 2017????????

  9. Citizen

    You are an Inbreed idiyoote

    Even those Eurobonds that you were busy stealing were not going to be realised if there was a suspicion of global terrorist funding which FIC was established to track

  10. You are a natural bonehead. I wonder what you do in the UK. Euro bonds were concluded by 2013 under MCS while the FIC was established 2017 after ECL took office, where is the connection???? That’s why Bowman ebela ati mupipafye utu kote uko….

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