We will catch those with huge amounts of money during money exchange – BoZ
THE Bank of Zambia (BoZ) has warned that it will not take money laundering lightly during the exchange of notes as it introduces new notes this March.
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Speaking at a press briefing in Lusaka yesterday, BoZ Governor Dr Denny Kalyalya stated that the Central Bank was working closely with law enforcement agencies to ensure that culprits are brought to book.
“Word is out that, we will be very very alert. Even the banks, the financial institutions that will be doing these exchanges will be very very alert. So if you know someone who keeps things under the mattress tell them that, that it will become museum material.”
“Who is coming to exchange money? You suddenly come with a huge amount of money, where was it? Those are pertinent questions to ask. We may see crispy notes coming. Why were you keeping them? Those kinds of questions just to make sure that we are rooting out some money laundering activities,” explained Dr Kalyalya.
The Governor further stated that the Bank and law enforcement authorities will not spare people being used as conduits who may have taken money out of the country.
“Because, it’s possible that some people out of the country are using this money. There is a number which will be able to track which note came, so if you are coming with a note which is not reflecting what we want, we will find out where you got it.”
Meanwhile, Dr Kalyalya addressed issues to do with teller machines, adding that the machines are all calibrated so that they are able to read notes.
“On the cost of the printing we will share it. You were very angry that the notes are bad, now that we have given you new ones, you are asking how much we spent.”
By Catherine Pule
Kalemba, February 13, 2025
if we repeatedly fail to learn from history politicians will keep recycling their lies and the this will still be a developing country in 2060. nobody thinks we have been here before. no one remembers we had reimbursement currency not so long ago. so tell me what’s stopping politicians from changing money to dollar and buying up the new currency when you introduce it? it’s the contract of printing and money that every other government follows and not really solving the problem the fine print
Not all days are Mondays.
Did you know the changing of Kwacha is somehow deliberate.
Because…
Remember after Faith Musonda millions of Kwacha saga there was a mention to change the currency to catch those who had stacks of Kwacha notes in there homes. They are shaken at this measure.
They are the one condemning the change of currency.
The BoZ Governor has categorically said those with surprisingly huge amounts will be queried by responsible government rule of law wings.
During the old days you are talking about the fight against Money Laundering and Proceeds of Crime deals weren’t pronounced as it is to day. Not as much as you wish BUT we have seen the arrests, forfeitures and prosecutions that are mistaken persecution. Let’s wait and see.
Better to catch those that have hidden dirty money in Panama.
Why would anyone hide hundreds of million dollars in offshore accounts? That money came from Zambia, and it should be returned after 2026.
Reject tribalism, corruption and oppression.
Vote like they do in Southern province.
Vote wisely in 2026.
Ubushilu bweka bweka muli iwe
Ubushilu bweka bweka muli iwe incrindigo
The criminals have been forewarned. So they will take evasive action.