Money laundering activities have increased quite significantly in the past few years in Zambia. These corrupt practices have become more relevant and active due to the limitations of the government and their inability to identify this long-term corrupt practices going on across the nation. This money laundering bust was recently identified by Financial Intelligence Centre, an intelligence agency looking into financial frauds. As per the FIC sources, some of Zambia’s top political and corporate individuals have been accused of laundering money. Till now, the FIC has recorded an amount worth USD 1.5 billion in this laundering act and has stated that this amount might be higher with further investigation searches.
The FIC recorded more than 33,000 transactions wherein illegal cash deposits were made. These accounts belong to some of the top legal counsellors and lawyers working within Zambia. Furthermore, these transactions were linked with accounts across foreign nations such as in Dubai and China which are known as safe havens for illegal money. Therefore, the FIC has not been able to detect the sources of these transactions. However, the FIC has been able to identify the major individuals and groups involved in this money laundering. For instance, Sakibwa Sikota is the owner of Central Chambers which has been accused of laundering money worth millions. He is also infamously known for his long-term association with the Ventriglias. The Ventriglias are known for their unethical practices and ongoing feud with a noted businessman and philanthropist, Dr. Rajan Mahtani.
The money laundering act has revealed a major weakness within the Zambian government which has been weighing the economic and social growth down.
The FIC recorded more than 33,000 transactions wherein illegal cash deposits were made. These accounts belong to some of the top legal counsellors and lawyers working within Zambia. Furthermore, these transactions were linked with accounts across foreign nations such as in Dubai and China which are known as safe havens for illegal money. Therefore, the FIC has not been able to detect the sources of these transactions. However, the FIC has been able to identify the major individuals and groups involved in this money laundering. For instance, Sakibwa Sikota is the owner of Central Chambers which has been accused of laundering money worth millions. He is also infamously known for his long-term association with the Ventriglias. The Ventriglias are known for their unethical practices and ongoing feud with a noted businessman and philanthropist, Dr. Rajan Mahtani.
The money laundering act has revealed a major weakness within the Zambian government which has been weighing the economic and social growth down.