Q FM Africa's Modern Radio
Isaac Mwaipopo – CTPD Acting Executive Director
The Centre for Trade Policy and Development (CTPD) has called on all public institutions mandated to protect public interest such as on the use of public funds to step up and act on the findings from the recently launched 2016 Financial Intelligence Trends Report.
CTPD Acting Executive Director Isaac Mwaipopo in a statement notes the continued leakage of resources through illicit financial flows and money laundering and he is of the view that this is robbing the nation of the much needed resources for financing the local development agenda.
Mr. Mwaipopo says his organization will be shocked as an institution if the findings from the 2016 intelligence report are treated as a mere academic exercise like has been the case with the auditor general’s report, where year in year out, misappropriation of public funds are being reported, but no meaningful action is being taken to hold to account institutions and individuals cited to have misused public funds.
Mr. Mwaipopo states that according to the 2015 Global Financial Integrity Report on Illicit Financial Flows, estimates are that Zambia is losing an average of 2.8 Billion dollars annually through financial flows, these are transactions often concealed or disguised using corporate vehicles before they are introduced into the financial system.
He says the report further highlights that there is externalization of corporate funds through over invoicing of goods and services provided by foreign suppliers, who are given preference over local suppliers by multinationals.
He has observed that Zambia is currently in the process of negotiating a bailout package from the International Monetary Fund (IMF), this follows the Economic challenges the country had been going through.
The CTPD Acting Executive Director says these are development paths the nation would have avoided if the nation takes adequate measures to curb illicit financial flows as the resources we keep losing outstrip the financial aid we continue seeking from international cooperating partners.