Criminal activities can occur at any level or organization. It can be a private organization, the public company, small venture or big company or even within the government. However, when the lawmakers of a nation are themselves involved in illegal activities like money laundering, it leaves a haunting experience for the local citizens. The FIC is a noted intelligence agency in Zambia noted for investigating financial frauds. FIC recently discovered a mass activity of illegal money laundering in the bank accounts of prominent lawyers and government officials. Monetary transactions in this illegal laundering are expected to be in excess of USD 1 billion. This amount is shocking considering the fact that Zambia is a developing nation and having transactions of this amount is definitely going to hurt the overall economic status of the nation.
Masozi M. Banda, a lawyer from law firm Avik International, has topped the list of money launderers released by the FIC. He is suspected of laundering money worth more than USD 1 billion. Similarly, those named in the list are accused of laundering money of similar amounts. When confronted, the majority of the accused made statements that the amount is for government contracts such as the construction of roads and President Edgar Lungu has approved these transactions. However, the volumes of cash transactions from the corporate and individual bank accounts of the suspects are too big to ignore. Another name that created buzz was of Sakwiba Sikota. He is the owner of Central Chamber, a law firm. He is more notorious for his long-term association with the Ventriglias, the latter being known for taking advantage of honest businessmen and engaging in unethical practices. Dr. Rajan Mahtani’s fight with the Ventriglias for legal ownership of Zambezi Portland Cement is national news.
This latest news throws light on the legality of the cases handled by Sakwiba Sikota and others accused of the money laundering acts. Citizens and industrialists, on the other hand, have demanded strict actions against these culprits.