The 2018 money laundering/terrorist financing trends report has revealed that Zambia incurred losses estimated at K6.1 billion linked to financial crimes such as Tax evasion, fraud, corruption and money laundering activities.
This shows an increase from the K4.5 billion recorded in the 2017 financial intelligence center trends report.
FIC Director General Mary Chirwa said during the launch of the report that the Center analyzed 176 suspicious transactions of which 80 were disseminated to law enforcement agencies on suspicious covering tax evasion, fraud corruption and money laundering.
Ms. Chirwa said the most prevalent forms of corruption noted in 2018 were those involving bribery and conflict of interest.
She said during the year, the Center disseminated reports on corruption with estimated value of K4.9 billion with public procurement activities being significantly vulnerable to corruption.
Attorney General Likando Kalaluka expressed hope that the report will help policy makers to strengthen measures aimed at addressing the highlighted financial trends.
Meanwhile FIC Acting Chairperson John Kasanga said the report has not experienced state interference during its compilation and continues to play an important role for the country by supporting response towards the prevention and detection of money laundering and terrorism financing.
And Some Law firms have been cited in the latest Financial Intelligence Center trends report as a vehicle used for money laundering activities by criminals.
Identified law firms assisted suspected criminals to mask the source of funds and aided its reinvestment or movement to foreign jurisdictions, the report says.
The center analysed cases related to 9 law firms amounting to K385 million in 2018 and cases involved illegally obtained funds transferred to law firms who then facilitated the acquisition of property such as land and motor vehicles on behalf of the launderers.
When I tell you these are LUNGU WASTED YEARS…this is what I mean there is no improvement in anything its just a downward trajectory…. the increase in trends involving suspicious financial transactions from K4.5 billion in 2017 to K6.1 billion in 2018 to the increase in the value of transactions related to corruption…is a disgrace.
Surely my colleagues in the ruling party we can not continue living like this there is zero leadership to curb this …there is absolutely LAZY LUNGU should be given 5 more years its unthinkable.
@Jay Jay, man be a man. Iwe fyonse ni Lungu?
Look what LT has presented to us, LT are asking for comments on that beautiful woman, NIOT Lungu.
I want to talk about FIC Report Findings not folly!!!!!!!!!!!!!!!!!!!!!
PAGE 16
6.2 Unusual financial transactions
a) Construction transactions by Corporates
The Centre noted some unusual transactions in the Construction sector where
payments for construction services were expected to be made through methods such
as cheques, wire transfers as opposed to cash. In 2018, the Centre identified transactions
valued at ZMW 86,644,645.85 and USD 8,089,289.44 from deposits made by construction
companies. This represents a general increase from 2017 where deposits made by
construction companies amounted to ZMW 14,150,918.70 and USD 9,668,421.14.
The use of cash in this sector raises suspicions that the funds could be proceeds of
crime.
Page 17
6.3 Undervaluation of precious stones
The Centre analysed cases relating to trade in precious stones. It was observed that
some exporters significantly under-declared the value of the stones. As a result, they
reported losses thereby incurring lower tax liabilities.
Recommendation
It is recommended that the auctioning of precious stones be done locally.
This is why Old man Sata insisted on selling stones in Zambia BUT LAZY LUNGU changed everything.
@Jay J,
Important article on wrong day.
It’s weekend, fuuuck the numbers and those thieves.
I rather go out drinking with abena Miles na Vincent Mwale, than taking ropes to go hang because of Partya Fipuba.
Guys let’s go… drink responsibly, don’t drive after drinking or while driving like Brian Mushimba.
Nostra..Just go and drink …close the door on your way out!!
We all know that clueless corrupt lazy Lungu will do nothing about this. It’s business as usual. Zambia is now steeped up to it’s neck in corruption. Lungu will go down in history as the most corrupt leader Zambia ever had. The guy has no will nor desire to fight corruption. Obviously he knows his hands aren’t clean either. He won’t even learn anything from Magufuli’s patriotism and love for his people and his country. If there were enough patriotic people in PF, people who put country first over party, they would’ve already started talking about corrupt Lungu resigning. At least the ANC had the fortitude to force corrupt Zuma to resign. It scares us senseless to see that corrupt Lungu is getting ready to run again in 2021. Can you imagine another 5 years of this guy in office?…
… Zambia will be looted clean, will become the poorest and the most corrupt nation in the world. At the end of that 5 years, clueless corrupt lazy Lungu will have escaped to his mansion in Eswatini, laughing at all of us poor Zambians, who were stup1d enough to vote for him. In short Lazy Lungu needs to resign now. He has miserably failed to lead. What a shame.
Ok, so this is another of those HH or UPND drama? Is this another Anglo-American funded economic Propaganda against Zambia? Is this report prepared by IMF or Brenthurst?
Who is FIC?
Ale bane bukeni…………….this is alarming.
Do you remember the drama around last years report when FIC decided to present the report to the public than to State House?
On June 19, 2018, Amos came and said the President had said: “..unfair for some NGOs and opposition parties to pressure him to take action on general allegations..”
If the FIC report is a general allegation, I am not surprised nothing has been done to curb the trend. And its guaranteed no action will be taken even after this year`s report. Zambia is F.U..CKED Up men !!
Another terrible news.
Where are we going with our country.
Thanks
BB2014,2016
I like when women come in that full-contained package.
Successful, intelligent and clean!!
Not those Mumbi Phiris and fellows….. yakky..
Again Nostra…. another incoherent comment …are you allergic to numbers and figures?
We are now becoming numb with these horrible reports. How low will our country sink? What’s strange is that we have some citizens who still don’t see the disaster we are heading to.
This disaster has always been there. You think Chiluba years were paradise on earth? New Zambians need to change this. Government nor the opposition have the answers. Go Zambia.
“Attorney General Likando Kalaluka expressed hope that the report will help policy makers to strengthen measures aimed at addressing the highlighted financial trends.”
It seems policymakers are the selfsame culprits how can the fight something that is feeding them…only regime change will sort this out.
As long as there are no traces of Al shabbab,Boko Harram or ISIL activities in these criminalities reported by the FIC,we will continue to rely on our moribund law-enforcement agencies to fight this plague.But with the reported increase in irregular immigration status,the “international community” might wake up and indirectly help us.
These things happened in Chiluba, Mwanawasa and RB but FIC or any such organisations were not available to make reports public. Hats off to Lungu these things are made public. But more importantly we need action ba Lungu it is not enough to make public.
As PF dunderheads wait for an HH story to comment on
Amen !!!
Ba LT you are too slow! This news hit the airwaves and social media this morning! We expect news of such magnitude to be reported as earlier! Some of us even have soft copies of the actual report.
Coming to the report, EL and his administration are nauseating with their corruption! Despite such kind of unprecedented theft in the ailing economy, Chagwa still see no reason to fire Chitotela who is obviously the person insinuated in the report. Imbeciles like Sunday Chanda vomits praises about the infrastructure which is overpriced and a conduit of looting and money laundering! Make no mistake, Lungu gets his share from this, he behaves like a mob boss, all proceeds from crime he gets a percentage!
Jay Jay get a job buddy. how can you blog from dusk till dawn. even I, who is self- employed does not manage to blog like this. Please I am currently working on some projects and I am looking for fellow zambians to work with. Contact me. My email address is available on my profile here, if you click my picture. Elisa my beautiful wife will cook us a good swiss meal and we can discuss how we can work together. Dont come abroad and live a life on the dole.. for those that dont know.. the dole is claiming benefits from the government because one is a useless member of society such that he cannot get a job and spends all day sat on his a.s.s.
You are a dumbass coon…I have been in the UK longtime never been on the dole. I mean even the money from my property and investment in Zambia can sustain me in Europe…you continue with coonery worshiping your trophy.
I can blog and work it only takes two minutes.
jay stop acting like its your first time to use internet. this is what happens when some one with restricted internet access finally arrives fresh off the boat from africa and has unlimited internet abroad. ubututu. its weekend and you are a young man. go out and enjoy yourself. you social misfit.
You are clearly reaching …really laughable…It clear that you are new to LT as I stated you are unenlightened..just go to LT pages 2010!!
The report sites that unnamed government official had 49 houses constructed for him after helping a certain foreign company win a contract! That’s Chitotela and AVIC, those 49 houses some belong to Lungu! Country men, we are ruled by a crook and his minions pushed for him to be adopted by PF so that they could get away with such nonsense!
Those cases never see court only small issues of property obtained in 2014…only a new govt can push those ones.
Nostra..Just go and drink …close the door on your way out!!
Is FIC funded by western governments ??
It must be , in the name of fighting Islamic terrorisim , banking audits have to be open.
They are useful in fighting 42/42 PF corruption
After the 9/11 terror attacks the west demanded accesses to money flows to track terrorist funding.
If this information is not given , countries can be cut off from world banking networks.
No its not funded by them…they are more of “guardian angels” for FIC remember what happened last year when the PF crooks were moving to kick out the madam Director only to back off when donors took notice. The minute the lose interest that department will be like AG’s office where the office of the boss has no director.
Jj ,
I seriously don’t think lungu and PF can agree to fund FIC ,
They are being exposed badly.
Its backed by SI and Parliament…its like saying PF and Lungu will not fund DEC or ACC…its a govt department.
Brave Mumba is going to keep quiet about this report because he is Lungu’s boyfriend.
He is hiding behind a rock waiting for this post to superseded with another article then he will post add 70 to his thumbs up and his bootlicker chola boy @Luchumbe we follow him praising his comments.
The attire not so good for such a high office. May be the lady doesn’t listen and wants to attract men by showing of her hips. Bakazi bama hips sibakazi. They are Free for all.
Iwe, what has that got to do with the report above? Whether she attracts men or not, that is none of your business, and it seems you are already attracted, but you stand no chance to get her.
So keep on fantasizing what is between those hips, you will never get it. So don’t waste your time.
So what she is a single woman again …if you have nothing to comment go and play with yourself. We know you are these PF resident bloggers who is too ashamed to use their alias.
Eh eh, nanomba no comment from PF supporters? Ndanje? BR Mumba? Thorn in the chakuti? How do you keep quiet when there is this disatrous report affecting the whole country but come out with guns blazing when the topic is HH? Now do you agree with me of my assessment of you guys being narrow-minded and quite honestly dull?
Most have retreated for instructions from Ka Chanda
Some have not been paid…..they are protesting.
Really laughable…Amos and Kaizer are asset stripping at KCM looking forward to become big Property developers when the mine is sold…these cadres are busy clapping for them.
These things happened in Chiluba, Mwanawasa and RB but FIC or any such organisations were not available to make reports public. Hats off to Lungu these things are made public. But more importantly we need action ba Lungu it is not enough to make public.
How can we honestly develop like this?And if these people are given another mandate in 2021 Zambia will be completely ransacked
Iv never seen Njimbu comments on issues like these why
His ka small brain would crack, it only allows him to process simple cadre matters.
Sorry but someone should tell the FIC Director General Mary Chirwa what appropriate attire is for such an important position. Where in the world do you dress like that to present an important report? That cleavage is unnecessary.