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Public Awareness

The Financial Intelligence Centre has published the Trends Report for 2015 documenting what is currently prevailing in the Financial Systems in Zambia in terms of AML/CFT related matters

Director’s foreword

It is my pleasure to present the 2015 Money Laundering/Terrorist Financing (ML/TF) Trends Report for the Financial Intelligence Centre. As a Centre, we have continued to conduct our role of receiving and analysing Suspicious Transaction Reports (STRs)and disseminating intelligence information related to AML /CFT  and in taking necessary measures in coordinating action with concerned stakeholders in Zambia and foreign jurisdictions, as appropriate.      

During 2015, we noted that financial institutions submitted 90% of the STRs and the others came from spontaneous disclosures. Other reporting entities are still to start submitting reports to the Centre.  The Centre intends to make other sectors a focus for awareness in 2016. Tax Evasion, Bribery, Corruption and Irregular Immigration status remain a major source of suspicions reported. Improved Customer Due Diligence and in some instances, enhanced due diligence for selected customers, will go a long way in combatting ML/TF vices.


The FIC, through its financial analysis tools and close cooperation with supervisory authorities and law enforcement agencies, has actively followed up financial transactions exposed to economic crimes. As at 31 December 2015, the Centre had disseminated 357 reports.

In the context of creating the appropriate environment for combating money laundering and terrorism financing, the FIC has worked to establish a wide circle of privileged relationships with financial and non-financial institutions and with supervisory authorities. It has also over the past two years signed thirteen Memorandum of Understanding with foreign jurisdictions.


Finally, it is important to state that the success of the FIC is based primarily on the support and cooperation received from various stakeholders, inclusive of the Government of the Republic of Zambia. 

It is my honour and privilege to present to you the 2015 ML/TF trends report.


Mary Chirwa (Ms.)

Director & Chief Executive Officer

 

 

 

Attachments:
Download this file (TRENDS REPORT 2015.pdf)Trends Report 2015[ ]