We Must Make Zambia a Hostile Environment for Financial Crimes - FIC

Financial Intelligence Centre – FIC has vowed to root out financial crimes in the country.
FIC Director General Mary Tshuma says there is need to step up measures in the fight against financial flows.
FIC Director General Mary Tshuma speaking at the conference
She said this at the FIC second annual conference on Anti money laundering and countering the financing of terrorism and other financial crimes.
 “As you may be aware, criminal activity is more sophisticated than ever, the impact of financial crimes is vast, but the effects go deeper than simple economics. The full cost of financial crime weight on normal people. The sick children, and elderly who do not receive essential treatment; lives lost but cutting corners and using substandard building material” Ms Tshuma said.
“We must make Zambia a hostile environment for financial crimes “she added.
Ms. Tshuma says while Zambia has enabling legal framework on anti-money laundering there is need to be more vigilant in the execution of that mandate.
And at the event Economist Oliver Saasa noted that good governance is key in the fight against financial crimes.
Professor Saasa says strengthening oversight public institutions like the Auditor General and the Anti-Corruption Commission is key.     
And Professor Saasa has urged government to relook at the procurement process in the country, saying it is can be the main driver of corruption if poorly management.
Citing the procurement of the infamous fire tenders, while not categorically stating whether there was corruption involved, professor Saasa says there was lack of Prudence in the management of public funds.
And Law Association of Zambia LAZ has called for stronger institutions and not individuals in the fight against abuse of financial resources.
LAZ President Linda Kasonde says without these factors being put into account the poor will remain vulnerable.

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