Transparency International Zambia (TI-Z) has welcomed the release of the Financial Intelligence Centre’s (FIC) 2024 Trends Report, which revealed suspected illicit financial flows (IFFs) amounting to $3.5 billion, mainly linked to commercial activities by multinational enterprises.
TI-Z Executive Director, Maurice Nyambe, says the findings align with its recent study on illicit financial flows risk factors.
Mr. Nyambe has however expressed disappointment that the report analyzed less suspicious transaction reports related to public sector corruption, resulting in the low number of disseminations on corruption as compared to cases relating to money laundering, fraud and tax evasion.
Mr. Nyambe reminded the FIC that public sector corruption is a dangerous vice, with serious economic and social consequences, and thus requiring greater attention.
“However, it is commendable that the overall number of disseminated financial intelligence reports to the Law Enforcement Agencies (LEAs) and foreign competent authorities increased from 923 in 2023 to 951 in 2024, representing a 3% increase and out of these cases, 10 related to corruption, an increase from 9 cases disseminated in 2023,” said Mr. Nyambe in a statement issued to RCV News in Lusaka today.
Mr. Nyambe has therefore called on FIC to also increase its awareness activities and enhance its supervision over law firms, accounting firms, real estate agents and dealers in precious stones and minerals that did not submit any suspected transactions to the FIC in 2024.
He said these professional enablers pose a high risk for both public sector corruption and illicit financial flows, saying that it is impossible that no suspicious activities are happening in these sectors.
He said that TI-Z is conducting a comprehensive analysis of the 2024 Trends report and will issue a comprehensive follow-up media statement in due course.
Angel Kasabo
