TWENTY-SEVEN freezing orders were last year issued on 27 commercial bank accounts with a cumulative balance of USD 2.8 million and K126.5 million.
According to the Financial Intelligence Centre(FIC), the basis for the freezing orders was suspected money laundering.
Additionally, the FIC issued three freezing orders for three commercial bank accounts with a cumulative balance of K31.1 million in 2022.
In its latest report, the Centre said the freezing orders are issued to facilitate investigations by law enforcement agencies.
“Section 10(3) of the FIC Act grants the Director General the authority to order a reporting entity to freeze an account or suspend a transaction if there is reasonable suspicion of money laundering, financing of terrorism, proliferation, or other serious offenses. The freezing of an account or suspension of a transaction can last for a maximum of 15 days,” the report stated.
The Centre said upon receipt of a freezing or suspension order, a reporting entity must, for the period specified in the order, stop all activities or suspend the specified transaction on the concerned account, with the exception of credits being received into that account.
“However, it must be noted that the minimum requisite conditions for the FIC to exercise this power to either freeze an account or suspend a transaction is that the Director General must reasonably suspect that a transaction relates to money laundering, financing of terrorism, or proliferation. It is noteworthy that the freezing of an account or suspension of a transaction is not absolute. Section 10(4) outlines the process for challenging the Director General’s decision to freeze an account or suspend a transaction.
It allows an aggrieved party, after 72 hours of the Director General placing an order to freeze an account or suspend a transaction, to apply to a Judge in Chambers to have it discharged and at the same time serve a notice on the Director General to join the proceedings. Notwithstanding the legal recourse being sought by an aggrieved party through the already explained application to a Judge in Chambers, the freezing or suspension order remains in effect until the Judge determines otherwise,” the report reads in part.
(Mwebantu, Wednesday, July 10th, 2024)
The tribalist conman will say it is PF stealing.
He thinks all Zambians are stupid, except abena Zambezi dwellers. They endorse his immoral dodgy behaviour.
We voted out small thieves in 2021, only to vote in BIG gigantic thieves. We fuc#ed up big. But we can put things right soon.
Vote wisely in 2026.
Indigo is a tribalist PF sympathiser and a ass. What of Lungu’s account, it that frozen because people like indigo make you think lungu and PF are the best…..they are only the best chikala’s
It is true that people must eat from the fields they work from, but not beyond what has been apportioned to them as workers in that field.
If they eat beyond their limits, it becomes plunder and that is punishable. Infact, the punishment for plunderers must be stiffened because if not, they become so powerful that they will carry along their crusade even the clergy who greatly influence the vulnerable.
This is not about hate, it is about nipping it in the bud. People must not normalize abuse of public resources and set a very bad precedence to the upcoming youths.
This country is bound to go to the dogs, if not already delivered to their door steps, if people choose to celebrate those that stole our children and grand children’s future by plundering the country’s resources and bringing the economy down to it’s knees.
Just because they bring you sacks of money does not mean that they are not stingy and those that are telling you to be careful with national resources are stingy.
They are looking at the long and not short term. They are looking at and worried about future generations. Just because plunderers have secured their children’s futures is no reason to throw the country to the wolves in sheep’s clothing!
If anything, jail the plunderers and murderers to life because they lost their rights to the crimes they committed. This will deter further delinquent behaviours. Giving a chance to thieves to hold highest offices of the land is completely losing the county’s integrity.
Blackteeth Hichilema or blueteeth Hichilema you are the stinky tribalist Upnd sympathizer ass! What is the bank account of Hichilema with stolen privatization money. Iwe Blackteeth Tonga how would you feel insulting your Tonga president?
Clearly you are bitter, how many govts have pursued that narrative on HH but never even taken it to court, Edgar had a chance to prosecute HH for 7 year in power but we only heard them talking about it in campaigns but never took it to court. Was HH in govt for him to have access to govt coffers to have his hands on privatisation money? Was HH hired in his individual capacity during the asset valuation process or was the company he was working for hired? Who had the final say whether to go ahead or shut it down, HH or the minister of Finance and her govt or president? If I have interest in a car am trying to evaluate won’t I try to lower its price so I can manage to buy it if the owner says ok let’s sell? Today we hear cries from opposition about why Zambians are not owning mining rights or investing in such yet we forget that we hated HH to the core a Zambian citizen for buying ownership in the assets govt was selling what hypocrisy from opposition indeed. From your responses or writings it looks like you really got affected from the privatisation which was not instituted or started by HH but govt of that time Nawakwi and her MMD.