RECENT FIC REPORT MAY HAVE SOME INCONCLUSIVE DATA THAT REQUIRE FURTHER VERIFICATION BY LAW ENFORCEMENT AGENCIES-Isaac Mwanza

RECENT FIC REPORT MAY HAVE SOME INCONCLUSIVE DATA THAT REQUIRE FURTHER VERIFICATION BY LAW ENFORCEMENT AGENCIES-ZCLU

The Zambia Civil Liberties Union-ZCLU says the recent Financial Intelligence Centre-FIC- report may have some inconclusive data that requires further verification by law enforcement agencies after one of the cited alleged suspicious transactions was confirmed to be genuine.

According to the 9th Money Laundering and Terrorism Financing Trends Report for 2023, an identified foreign firm founded in February 2023 is accused of failing to deliver after receiving $5.6 million, a 25% down payment on a contract worth $21 million, in June of the same year.

However, Union Executive Director Isaac Mwanza says due diligence was undertaken before awarding the contract to a company owned by a Kenyan billionaire and affiliated to four multinational companies traceable to Africa, the Middle East, Asia, and Europe.

Mr. Mwanza says investigation also revealed that the company was chosen from among several other potential suppliers but was preferred because it was willing to complete 100 percent of the procurement on a 25% down payment, whereas others requested 100 percent payment.

Contrary to the FIC report, Mr. Mwanza says the company has delivered all procured products in full, which are now in Lusaka and mounted with foreign specialists from the supplier doing skills transfer.

He says given these facts, it is evident that the trends report may contain inconclusive data that requires thorough verification by law enforcement agencies and has commended President Hakainde Hichilema for directing law enforcers to take keen interest in the report.

PN