CONCERNS ABOUT POSSIBLE INFUSION OF LARGE SUMS OF COUNTERFEIT MONEY INTO CIRCULATION BY FINANCIAL INSTITUTIONS
Transparency International Zambia -TIZ-has expressed concern over revelations by the Drug Enforcement Commission –DEC- regarding the possible infusion of large sums of counterfeit money into circulation by financial institutions.
Recently DEC Director General Nason Banda expressed worry about the escalating presence of counterfeit notes in circulation, further suggesting that these criminal activities might be orchestrated by not only unscrupulous individuals but also by entities within the financial system.
Reacting to this revelation, TIZ Executive Director Maurice Nyambe said such organized white-collar crime calls for enhanced collaborations among key institutions in order to safeguard the integrity of the country’s financial system.
In an interview with Phoenix News, Mr. Nyambe has since called for immediate and decisive action to address this growing threat to the country.
Meanwhile, Economist Shabdin Mweemba says widespread circulation of counterfeit money has the potential to escalate the money supply, resulting in an excess of currency within the economy which may in turn, contribute to inflation and create distortions in the money markets.
Credit :PHOENIX NEWS