Financial Intelligence Agency is one of the top investigation agencies in Zambia looking into financial frauds. The agency recently busted a mass money laundering scheme in the nation. It is considered as one of the biggest money laundering heist in Zambia with more than USD 1.5 billion worth of money involved. Furthermore, the FIC also detected big corporate and corporate names linked with this money laundering act. So basically, top law firms, government contractors, officials, ministers, corporate houses and lawyers are all found to have engaged and illegally profited from this money laundering scheme.
The FIC started investigating in this matter after numerous illegal cash transactions were linked with the corporate as well as personal bank accounts of these lawyers. More than 33,000 such transactions were found. Furthermore, some of Zambia’s famous and infamous lawyers have been named in this money laundering heist. Masozi M. Banda is a lawyer working with Avic International. He is among top money launderers with more than USD 1 million worth of money under his name. When asked about the illegal cash transactions, he defended himself by saying that the money belongs to President and has been given for government activities such as road construction. However, no such details were found. Sakwiba Sikota is a lawyer working with the Ventriglias as their legal associate for a long-time. He is also the owner of Central Chambers, a law firm named in this money laundering heist for having numerous illegal deals worth millions. The Ventriglias are an Italian family in Zambia known for their unethical practices and feuds with honest businessmen such as Dr. Rajan Mahtani.
The money laundering act has opened the eyes of citizens and the government and it is time policy changes and stricter punishments for the culprits.
The FIC started investigating in this matter after numerous illegal cash transactions were linked with the corporate as well as personal bank accounts of these lawyers. More than 33,000 such transactions were found. Furthermore, some of Zambia’s famous and infamous lawyers have been named in this money laundering heist. Masozi M. Banda is a lawyer working with Avic International. He is among top money launderers with more than USD 1 million worth of money under his name. When asked about the illegal cash transactions, he defended himself by saying that the money belongs to President and has been given for government activities such as road construction. However, no such details were found. Sakwiba Sikota is a lawyer working with the Ventriglias as their legal associate for a long-time. He is also the owner of Central Chambers, a law firm named in this money laundering heist for having numerous illegal deals worth millions. The Ventriglias are an Italian family in Zambia known for their unethical practices and feuds with honest businessmen such as Dr. Rajan Mahtani.
The money laundering act has opened the eyes of citizens and the government and it is time policy changes and stricter punishments for the culprits.