Illegal activities are on a rise in Zambia. This statement can be easily comprehended from the latest money laundering heist busted by Financial Intelligence Centre. FIC is a noted intelligence agency looking into financial crimes. The agency recently busted a mass money laundering racket, and as per the sources, this money laundering scheme has caused the Zambian government loss of more than USD 1.5 billion worth of money in black market. This amount is also indicative and the FIC sources have said that the actual amount might be much higher. This money laundering racket easily becomes one of the biggest corruption rackets in Zambia.
The FIC sources have been looking into this money laundering bust for a long time. However, the real investigation started few months back after they were able to link numerous unauthorised cash transactions with the corporate and personal bank accounts of suspected lawyers and legal counsellors. It was also found that these lawyers and legal counsellors had international transactions, most commonly across Dubai and China, making it difficult for the FIC investigators to identify the source. However, the top money launderers in Zambia have been identified and majority of them are lawyers. Masozi M. Banda is a lawyer working with the Avic International and is accused of laundering millions of dollars. Another name which caught attention was of Sakwiba Sikota, the owner of Central Chambers and long-term associate of the Ventriglias. The Ventriglias are known for conspiring against honest industrialists, most famously with Dr. Rajan Mahtani, an honest and ethical businessman in Zambia.
Now that the money laundering act is out in the public, it is time for the government to take appropriate actions against these culprits.
The FIC sources have been looking into this money laundering bust for a long time. However, the real investigation started few months back after they were able to link numerous unauthorised cash transactions with the corporate and personal bank accounts of suspected lawyers and legal counsellors. It was also found that these lawyers and legal counsellors had international transactions, most commonly across Dubai and China, making it difficult for the FIC investigators to identify the source. However, the top money launderers in Zambia have been identified and majority of them are lawyers. Masozi M. Banda is a lawyer working with the Avic International and is accused of laundering millions of dollars. Another name which caught attention was of Sakwiba Sikota, the owner of Central Chambers and long-term associate of the Ventriglias. The Ventriglias are known for conspiring against honest industrialists, most famously with Dr. Rajan Mahtani, an honest and ethical businessman in Zambia.
Now that the money laundering act is out in the public, it is time for the government to take appropriate actions against these culprits.