Cabinet has approved the Financial Intelligence Centre Amendment Bill 2020, for publication and introduction in Parliament.
The objectives of the Bill are to amend the Financial Intelligence Centre Act, No. 46 of 2010 and to re-define the functions of the Centre.
Other objectives are to revise the definition of high-risk persons in accordance with international standards, provide for customer due diligence on wire transfers in accordance with international standards, provide a risk management framework for anti-mone laundering requirements and expand the scope of reporting entities.
President Edgar Lungu chaired the 21st Cabinet Meeting, held virtually, to deliberate on Bills for introduction in Parliament.
Ms. Siliya says the Financial Intelligence Centre Act, No. 46 of 2010 is inadequate in dealing with issues relating to combating money laundering and financing of terrorism or proliferation and needs to be amended.
She says the call for the amendment is to also conform with the Financial Action Task Force on Money Laundering -FATF- recommendations.
This is according to a statement issued to ZNBC news by Chief Government Spokesperson Dora Siliya on the decisions made by Cabinet.
Meanwhile, Cabinet approved the Non-Governmental Organisations -Amendment Bill, 2020 for publication and introduction in Parliament during the current sitting.
Ms. Siliya said the objective of the Bill is to amend the NGO Act, 2009, to revise the functions of the Board and to monitor the risk of abuse of NGOs for serious crimes.
She said the NGO Act, No. 1 of 2009 is inadequate in dealing with issues relating to monitoring the use of non-governmental organisations in money laundering, financing of terrorism or proliferation or any other serious offences.
Cabinet also approved the Extradition (Amendment) 2020 for publication and introduction in Parliament whose objective is to provide for measures for monitoring of requests made to the competent authority which is not provided for in the current law.
Cabinet further approved the Zambia Academy of Sciences Bill, 2020, for publication and introduction in Parliament during the current sitting.
How will it benefit the nation if good laws are created but never adhered to?
For example, a law such as the Public Order act was created to allow ALL citizens to have the right to demonstrate against ANY infringements by INFORMING the police 7 days in advance – very simple.
However, in the PF mis-rule, PF cadres are allowed to demonstrate whenever they feel like, whereas the opposition is mostly not allowed, even when they have given the police enough notice??
“……Other objectives are to revise the definition of high-risk persons in accordance with international standards, provide for customer due diligence….”
That’s why lungu was screaming
” mfwiti , mfwiti……”
On a runway…..him and his gang were found out and rattled and he did not know how…….
A tired & directionless boma. Zambia needs fresh heads, not these.
Excellent development under the mighty pf government. Let the haters hate
Which development when there are several non-senses surrounding the governance. Caderism and tribalism among others.
Am back from tour of duty in Zambia. As a diasporan with a wide perception of what’s going on in neighbouring countries and world, truth and falsehood is magnified when it comes to what Zambia is going through and narratives from its leadership. (Umwana sha yenda atasha fye ba nyina ubwali nagu ba lungusha) There’s a video going round about state-of-the-art roads and road intersections in Malawi, and I have been mourning about how such an under-resourced country as Malawi can have higher standards than Zambia. But I was paralysed by my friends overly honest response when he said ” Mwana stop crying about Zambia, you can’t fix a country where mediocrity reigns. you have to accept that in the world there shall be advanced and backward countries. Zambia has chosen its course – to REMAIN…