The Bank of Zambia has disclosed that the country between 2010 and 2012 recorded an estimated US$ 8.8 billion through illicit financial flows from goods that left Zambia before the establishment of trade laws.
These statistics were recorded in the Global Financial Integrity which indicated that the illicit financial flows were resulting largely from the extractive industry, tax evasion, abusive transfer pricing and environmental crimes.
Speaking during her presentation at the 17th BOZ media seminar in Siavonga, BOZ Assistant Director for Data Management Angela Chileshe disclosed that the Bank working together with the Zambia Revenue Authority have formulated laws that compel exporters to abide by trade laws.
Ms. Chileshe explained that the formulation of a computerized customs system that was established in 2019 by the United Nations Conference on Trade and Development (UNCTAD) now allows exporters to handle manifest and customs declarations, accounting procedures, transit and suspense procedures.
Ms. Chileshe stated that the computerized system which is called the ASYCUDAWORLD is web-based and can be used to process and store trade data transactions which is currently being used in over 70 countries, Zambia inclusive.
Meanwhile in an interview with ZANIS, Zambia Revenue Authority (ZRA) Acting Director Executive support Laban Simbeye clarified that before 2019, the country had not put-up laws that compelled exporters to certain trade requirements, hence when goods exist the country, due to various varying documentation they were labeled as illegal hence the report by the Global Financial Integrity.
Mr. Simbeye explained that due varying documentation in different countries, some goods that were exported between 2012-2010 were deemed illegal because of the mismatch of trade requirements.
He however noted that the country will record success after the establishment of the computerized system as exporters adhere to the process and all the money earned will be legitimate.
“This system will shine a light to all those that do not abide to the trade laws and hence Zambia will not be seen as a conduit of illegal financial flows,” he said.
Shame, 8 billion is more than what we owed our international creditors before they cancelled our debt through HIPC initiative. That’s why they have even lost interest in forgiving us anymore. Imagine, you forgive someone a debt which was accumulated over time only to borrow and accumulate more than what you have forgiven him in less than ten years, why forgiving such a person? A country losing 8 billion dollars in illicit financial flaws is not a joke, and yet some haters are saying that UPND is the most corrupt government ever seen in this country, what corruption can be more than the shit we are hearing? How I wish UPND had come after MMD, I am sure things could have been very different. At times, some of our leaders were so careless and irresponsible that they stopped caring about the present and the future of our country. Imagine where the initials of someone become an official number plate and all imported vehicles are entering the country for free. What is that if it’s not destroying your own country? Today, the same people without shame or any remorse are saying that UPND has destroyed the country when it’s them who destroyed it. What we are seeing now are just the terrible effects of that economic mismanagement which went on for a long time. We are talking about 2010 here, it’s like immediately Mwanawasa left, things went loose and it was free for all.