Q FM Africa's Modern Radio
The latest 2021 Financial Intelligence Centre says it has reported a 6 percent increase in the amount of money related to suspicious transaction reports from 6,160 million kwacha in 2020 to 6,533 million kwacha in 2021.
According to the fic report, a total of 2, 577 suspicious transaction reports representing 13.7 percent were received.
The report further indicates that the majority of suspicious transaction reports received were on suspicion of large or unusual cash deposits, large or unusual withdrawals and large or unusual inward remittances.
The continued trend of large cash deposits and withdrawals can be attributed to Zambia being mainly a cash economy.
And FIC Acting Director General Liya Tembo says the fic analyzed 211 suspicious transactions reports out of which 44 intelligence reports were disseminated to law enforcement agencies.
Presenting the 7th money laundering and terrorist financing trends report for the year 2021, Financial Intelligence Centre Acting Director General Liya Tembo, Ms. Tembo says the value of disseminated intelligence reports was at 3. 56 billion kwacha in 2021 compared to 3.14 billion kwacha in 2020 representing an increase of 13 percent.
She says the majority of intelligence reports disseminated were on suspected money laundering, corruption and tax evasion as was the trend in previous years.
Ms. Tembo says during the period under review, the number of currency transaction reports received was 145,852 in 2021compared to 129, 826 in 2020 representing a 12 percent increase.
She has attributed this to the unusual volume of cash transactions conducted before and during the august 2021 general elections.
The report themed: cash bonanza has also established that Zambia remains very susceptible to money laundering and other associated financial crimes.
And speaking at the same event, Attorney General Mulilo Kabesha has advised traditional leaders to stay away from giving solidarity to suspects of financial crimes which has been witnessed lately.