As per the latest reports by FIC (Financial Intelligence Centre), money laundering activities have increased significantly in the past few years. Recently, FIC released a report concerning money laundering and concluded that various top lawyers and legal counselors were involved in this act. It is one of the most shocking high-profile money laundering activity recorded in modern Zambia. This money laundering act involved illegal cash transactions worth more than USD 1 billion dollars over the course of many years. It is really shocking to see that even after such high amounts of illegal cash transactions; the activities went unnoticed for so many years. This can be attributed to lack of scrutiny and the rampant corruption as well as malpractices such as bribery prevailing across the Zambian government offices and law firms.
Among those caught in the money laundering whirlwind, Avik International’s Masozi M. Banda’s name comes at the top. He has been involved in cash transactions worth more than USD 1 million. When confronted with the accusations, Banda defended himself by saying that the amount belonged to President Lungu, notorious for creating a dictatorship in the country. The cash transactions were tracked to the individual as well as corporate accounts of various top lawyers, legal counselors and government officials. Many top ministers and high-profile government officers were also found involved in the act using either pseudonyms or legal firms to carry out the transactions. Since the majority of the cash transactions and other unaccounted money transfers were wired to accounts in Dubai and China, it became hard for FIC and other agencies to track the sources. However, the intelligence agencies along with renewed government support have been helpful in unearthing this money laundering rackets at large extent.
Various top businessmen and industrialists have extended their shock towards this big corruption going on with the government having no clue. Honest and ethical businessmen such as Dr. Rajan Mahtani have condemned these acts and have demanded strict actions and punishments for those individuals who are announced guilty in these illegal acts.