Monday, April 15, 2024

Government Clarifies Misinformation on 2023 Financial Intelligence Centre Annual Report

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Mr. Kennedy Kalunga, the Permanent Secretary of the Ministry of Information and Media, addressed the recent misinformation surrounding the 2023 Financial Intelligence Centre (FIC) Annual Report. The government aimed to provide clarity to the public regarding the contents of the report and dispel any misconceptions.

Contrary to the inaccurate reports, the FIC Annual Report of 2023 does not solely focus on financial trends and suspicious transactions that occurred in 2022 alone. Instead, it primarily highlights the activities undertaken by the FIC during the 2022 financial year.

The report indicates that the FIC analyzed a total of 155 cases amounting to K6.1 billion in the 2022 financial year. It should be noted that these figures encompass cases carried over from previous years. The complexity of financial crime analysis often leads to cases overlapping multiple years, making it essential to account for prior investigations.

The majority of the cases analyzed in 2022 are related to the integration of illicit proceeds derived from crimes committed in prior years. Suspected money laundering, corruption, and tax evasion were the main offenses contributing to the value of K6.1 billion. This underscores the government’s commitment to combatting corruption, money laundering, and other financial crimes.

To demonstrate this dedication, the Zambian Government has taken concrete steps, including establishing a joint investigations team on asset recovery, creating the Economic and Financial Crimes Court, and approving the National Anti-Money Laundering/Countering Terrorism and Proliferation Financing (AML/CTPF) Policy.

Furthermore, the government urges all stakeholders to acknowledge the increased awareness among Zambians regarding reporting suspicious transactions. The demonstrated political will has led to a rise in the number of reports submitted to the FIC and law enforcement agencies. The previous lack of political will hindered the reporting of suspicious transactions, resulting in fewer cases being captured in relevant reports, such as the FIC Annual Report mandated by section 55 of the FIC Act No.46 of 2010.

Mr. Kalunga reassured the people of Zambia that their government prioritizes the fight against corruption, money laundering, and other financial crimes. By implementing these measures and fostering an environment of awareness and cooperation, the government aims to safeguard the country’s financial integrity and protect its citizens from illicit activities.

The Ministry of Information and Media and the Zambian government encourage the public to rely on accurate information and avoid spreading misinformation.

10 COMMENTS

    • That is why my boys are busy satisfying your girlfriends and sisters you left here in zambia. You spend all your time replying to everything I write instead of communicating with your ugly sisters

  1. Is it the job of government to clarify on the Report before publishing it? Just allow the Report to be issued and let “Zambians” analyse it by asking questions than edit or “Photoshop” the contents.

    “The government aimed to provide clarity to the public regarding the contents of the report and dispel any misconceptions”.

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    • Of course the report has been issued and covers the whole economy, that is, both the public and private sectors. Soon some people will be called upon to account.

  2. Big brother is watching, so which means some people may stop making deposits in their accounts for fear of being taken to task, instead they will keep money under their beds. As much as this is a commendable initiative policy makers really need to look at the other side which is it could lead to less money being saved in banks and other financial institutions. How do you think even the US economy was built? By saints?

  3. @gunner I may not agree with you but will always respect your comments as long as they are civil, however if they are not may the good Lord above deal with you accordingly. Do you in your right mind think the average Soweto market Lusaka fish trader deposits their money in a bank? What are some of the reasons they don’t? If you do not know then truelly your statements are made of piffle due to web anonymity.

  4. UPND you are in govt now you are clarifying a Financial Report…really laughable…when has FIC Report ever covered previous years.

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