The Financial Intelligence Centre (FIC) of Zambia on trade-based money laundering (TBML)

April 18, 2023 /Business/ — The Financial Intelligence Centre (FIC) of Zambia has published a report on trade-based money laundering (TBML) in the country. The report found that TBML is a serious threat to the Zambian economy and that it is being used to finance a variety of criminal activities, including terrorism, corruption, and drug trafficking.

The report identified a number of factors that make Zambia vulnerable to TBML, including:

A large informal economy

Weak financial controls

Corruption

Lack of transparency in the business environment

The report also found that there are a number of challenges to combating TBML in Zambia, including:

Lack of resources

Lack of coordination between law enforcement agencies

Lack of awareness of TBML among businesses and the general public

The report makes a number of recommendations for combating TBML in Zambia, including:

Strengthening financial controls

Increasing transparency in the business environment

Raising awareness of TBML among businesses and the general public

Improving coordination between law enforcement agencies

Investing in resources to combat TBML

The report concludes by stating that TBML is a serious threat to the Zambian economy and that it is important to take steps to combat it.

Here are some of the key takeaways from the report:

TBML is a serious threat to the Zambian economy.

TBML is being used to finance a variety of criminal activities, including terrorism, corruption, and drug trafficking.

Zambia is vulnerable to TBML due to a number of factors, including a large informal economy, weak financial controls, corruption, and lack of transparency in the business environment.

There are a number of challenges to combating TBML in Zambia, including lack of resources, lack of coordination between law enforcement agencies, and lack of awareness of TBML among businesses and the general public.

The report makes a number of recommendations for combating TBML in Zambia, including strengthening financial controls, increasing transparency in the business environment, raising awareness of TBML among businesses and the general public, improving coordination between law enforcement agencies, and investing in resources to combat TBML.

You can view the full report here FIC TBML REPORT 2022

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