Thursday, July 25, 2024

FIC Reports 13.58 Billion Kwacha in Suspicious Transactions for 2023

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The Financial Intelligence Centre (FIC) recorded a staggering 13.58 billion Kwacha in suspicious transactions in 2023, a significant increase from the 5.85 billion Kwacha recorded in 2022.

FIC Director General Clement Kapalu announced that the centre analyzed 15,696 suspicious transaction reports and disseminated the findings to various law enforcement agencies. As a result of this information, the Zambia Revenue Authority (ZRA) conducted tax assessments amounting to 1.2 billion Kwacha in principal tax, interest, and penalties, and by the end of 2023, the ZRA had recovered over 3.5 million Kwacha.

Mr. Kapalu highlighted that law enforcement agencies reported ongoing investigations and prosecutions, with some accused individuals already convicted and some cases resulting in non-conviction-based forfeitures.

According to the 2023 Trends Report, Mr. Kapalu noted a concerning trend in the use of cash to conceal the source of illicit funds and create anonymity in transactions, despite the availability of electronic payment channels. He also pointed out that some casinos had adopted a business model heavily reliant on cash transactions, which do not leave an audit trail. In this cash-heavy environment, some casinos facilitated bribes and potentially understated their income.

Additionally, Mr. Kapalu disclosed that certain casinos were involved in illegal cross-border cash courier businesses.

These findings were detailed in the latest 2023 Money Laundering and Terrorism Financing Trends Report by the FIC.

6 COMMENTS

    • Your comment is uninformed. It’s transactions involving the movement of money by all customers of commercial banks both private, personal and government.

  1. At first glance, this is quite disappointing… I need to read the details before making any comments.

  2. Not Surprised at all
    Look at Traffic and Police, The courts
    even go to RTSA at Cosmopolitan mall and see how much to pay for a driving licence
    YES things have got worse

    3
    1
  3. Where is DEC ,ACC and other investigative
    Agencies to follow up these cases?
    Let them recover what is lost.

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