While illegal activities and unethical practices are common in Zambia which is trying to emerge from its underdeveloped status, the news of mass money laundering has certainly shocked the entire nation. The news was released by Financial Intelligence Centre, a noted agency which investigated financial frauds in the nation.
The FIC sources revealed that they started their investigation long back, looking into the unethical and illegal practices of certain individuals, groups and organisations. However, their investigation was deepened when they observed more than 35,000 illegal cash transactions which were linked with the corporate and individual bank accounts of many lawyers. From there, the investigation revealed involvement of top lawyers and legal counsellors in this mass money laundering act. It was also found that more than USD 1.5 billion worth of money is involved in this money laundering bust. Such amount of money is staggering, considering the economic and social condition of the nation and the inability of the government to improve its financial status.
The Financial Intelligence also released a list of names of individuals involved in this money laundering list. Top legal professionals and noted lawyers were found to be involved. Masozi M Banda is a lawyer which is at the top of the list, involved in money laundering worth more than USD 1 million. Similarly, another name in the list was of Sakwiba Sikota, the owner of Central Chambers. He is also accused of laundering money worth more than USD 1 million. He is also infamous for his association with the Ventriglias, the infamous family who illegally took over Portland Cement Zambia factory from Dr. Rajan Mahtani, its real owner.
Citizens and industrialists are demanding strict actions against the culprits.
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