Zambia : Zambia Records Progress Against Financial Crimes

Zambia has made progress in its fight against money laundering and financial crimes after three areas of its anti-money laundering framework were upgraded under Financial Action Task Force (FATF) standards.

Attorney-General Mulilo Kabesha says the upgrade was secured during the 52nd Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Task Force of Senior Officials Plenary Meeting and the 26th Council of Ministers meeting held in Kigali, Rwanda.

In a statement made available to ZNBC News today, Mr. Kabesha said the development means Zambia is now compliant or largely compliant with 38 of the 40 FATF Recommendations.

The three areas upgraded are transparency and beneficial ownership of legal persons, regulation and supervision of financial institutions, and regulation and supervision of designated non-financial businesses and professions, commonly known as DNFBPs.

Mr. Kabesha, who is also Chairperson of the Anti-Money Laundering Authority, said the progress was the result of efforts by public and private institutions to combat money laundering, terrorism financing and proliferation financing.

He has since challenged Zambian institutions to shift their focus from compliance with requirements to ensuring the effectiveness of measures against financial crimes.

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