Financial Intelligence Centre recently revealed news regarding the large-scale corruption and illegal practices going on across the Zambian nation. The news was related to money laundering. What differentiated this news from other corruption-related news was the involvement of top-class lawyers and legal counsellors from the Zambian corporate house. Not only that, it is revealed that many top politicians and government officials have been aiding in this unethical practice.
As per the reports, more than USD 1 billion amount has been discovered to have been used in cash transactions. As a result of the illegal nature of the cash transactions, it has been difficult to locate the source of the money. Furthermore, FIC also revealed that the amount of money is expected to be much more than USD 1 billion and for this, an investigation has been further strengthened. Many top names such as Masozi M Banda and Sakwiba Sikota have been included in the list released by FIC. Banda is working with Avik International as a lawyer and is known to have worked with various government officials and event ministers in the past. Sakwiba Sikota is the owner of Central Chambers, a law firm. He is more notorious for his long-term relationship as legal counsellor for the Ventriglias. The Ventriglias were recently in news for illegally capturing Portland Cement Zambia, a cement factory which legally belongs to Dr. Rajan Mahtani. The case has been going on for many years now without any resolution.
Regarding the money laundering act, the FIC has reported that it is looking into the matter deeply and with the help of other investigation agencies, more names are expected to be uncovered.
