Sunday, March 3, 2024

Over US$ 8 billion was lost in Illicit financial flows between 2010-2012 -BoZ


The Bank of Zambia has disclosed that the country between 2010 and 2012 recorded an estimated US$ 8.8 billion through illicit financial flows from goods that left Zambia before the establishment of trade laws.

These statistics were recorded in the Global Financial Integrity which indicated that the illicit financial flows were resulting largely from the extractive industry, tax evasion, abusive transfer pricing and environmental crimes.

Speaking during her presentation at the 17th BOZ media seminar in Siavonga, BOZ Assistant Director for Data Management Angela Chileshe disclosed that the Bank working together with the Zambia Revenue Authority have formulated laws that compel exporters to abide by trade laws.

Ms. Chileshe explained that the formulation of a computerized customs system that was established in 2019 by the United Nations Conference on Trade and Development (UNCTAD) now allows exporters to handle manifest and customs declarations, accounting procedures, transit and suspense procedures.

Ms. Chileshe stated that the computerized system which is called the ASYCUDAWORLD is web-based and can be used to process and store trade data transactions which is currently being used in over 70 countries, Zambia inclusive.

Meanwhile in an interview with ZANIS, Zambia Revenue Authority (ZRA) Acting Director Executive support Laban Simbeye clarified that before 2019, the country had not put-up laws that compelled exporters to certain trade requirements, hence when goods exist the country, due to various varying documentation they were labeled as illegal hence the report by the Global Financial Integrity.

Mr. Simbeye explained that due varying documentation in different countries, some goods that were exported between 2012-2010 were deemed illegal because of the mismatch of trade requirements.

He however noted that the country will record success after the establishment of the computerized system as exporters adhere to the process and all the money earned will be legitimate.

“This system will shine a light to all those that do not abide to the trade laws and hence Zambia will not be seen as a conduit of illegal financial flows,” he said.


  1. What’s the motive behind this revelation? You can’t tell us about things that happened in that period. What we want to know is how politically exposed persons are eluding your dragnet to export sugilite, mukula, gold, copper and other precious minerals. How much did Zambia lose during the period that police check points were removed? Is it true that the contractor has been allowed to collect tolls on the Lusaka-Ndola road even before the road is constructed? How has it affected revenue for NRFA? That’s what we want to hear

    • Is it BoZ or ZRA to tell you who’s collecting tolls on the Lusaka-Ndola road? Road tolls are not a customs issue.

    • If they don’t go through ZRA, why are you asking ZRA or BoZ to explain why the contractor on Lusaka-Ndola road expansion project is collecting road tolls?

    • As usual, you are angry when the criminal deeds of your kind are exposed. That US $9 billion in 2 years. In the 3 years, of 2010, 2011 and 2012, who were the president? Bwezani was in power for on year. Michael Satan was in power for 2 of those years. I rest my case.

    • The Bank of Zambia just confirmed what I have always said about you thieves. And this is for 2 years. The did not say anything about the 19 years before that… Of course we can exclude the years of Mwanawassa and Magande, when there was no looting at the top. The kwacha is in trouble because again, your relatives, Michael Satan and Edna Lungu, borrowed US $33 billion and looted it. Zambia is now saddled with a debt it cannot pay. The IMF has come in and is confiscating all of the money Zambia is making to pay its debtors.

  2. We should expect 10 times the amount for period 2020-2023. Thieves in suits come up with technical jargon that nobody understands.

    • @FutureZed. Another problem is the current ZRA Director General, who was the project manager for the ASYCUDA project way before 2019, is very entrenched in most of these issues being brought out now. But being HH’s ‘blue eyed boy’ nothing is going to happen to him and all these illicit financial flows will continue as business as usual.

  3. Go to hell. You have failed to fulfil your promises so now all you can do is try to put the attention on pf. Was it not the same kalyalya who we fired that was governor then? Why did you rehire a fired governor? Tribalism? Fuseke!!!!

    • Ka Zulu.I remember telling you to peruse this same matter in a FIC report way back in 2022.PF stole the money,and $8billion is not a joke to be forgotten just like that.Whats wrong with you people!!?

  4. Guys,
    I have a deep insight into the workings of Chambishi Metals and its sister company Luanshya Copper Mines from 2004 to 2007. They formed a “shell company” in Johannesburg. Copper and Cobalt metals were sold to that company at knocked-down prices to reduce royalty and tax payments. That shell company then sold the metals at the ruling LME metal prices. Multi nationals are taking advantage of Zambia’s hospitality! Glencore did the same. They sold to a shell company in Switzerland who sold on to Chinese buyers at the ruling LME prices.

  5. 2010-11Rupiah Banda was president, 2011-12 Sata was president. Who stole how much? Lubgu looks kiddy before 8 billion in three years taken by two regimes.

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