FIC Records K13.5bn Suspicious dealings
By Mwila Nsofu
The Financial Intelligence Centre -FIC- recorded 13.58 billion Kwacha in suspicious Transactions in 2023.
This is against the 5.85 billion Kwacha recorded in 2022.
FIC Director General, CLEMENT KAPALU says the centre analysed 15,696 suspicious transaction reports and disseminated the information to Law Enforcement Agencies.
Mr. KAPALU says as a result of the information, Zambia Revenue Authority made tax assessments amounting to K1.2-Billion in principle Tax, Interest and penalties.
He says at the close of 2023, ZRA made recoveries of over 3.5 Million Kwacha.
Mr. KAPALU says the Law Enforcement Agencies also gave feedback that some cases were at Investigation and prosecution stages, with some accused persons already convicted, with non-conviction based forfeitures recorded in others.
According to the 2023 Trends Report, Mr. KAPALU revealed that the centre has observed a trend in the use of cash to conceal the source of illicit funds and creation of some level of anonymity in the transactions.
He says this is despite the availability of electronic payment channels.
And Mr KAPALU says the centre has observed that casinos allegedly adopted an operating business model that was heavily reliant on cash transactions but will not leave an audit trail.
He says in this cash environment, some casinos facilitated the payment of bribes and possible understatement of their income.
Mr. KAPALU disclosed that some casinos engaged in illegal cross border cash courier business.
This is according to the latest 2023 Money Laundering, Terrorism Financing Trends Report by FIC.
