The recent money laundering scandal is big news and those accused have all started defending themselves. One of the top lawyers accused of laundering money worth more than USD 1 billion is Masozi M. Banda, a noted lawyer from Avik International. When confronted, he said that majority of the money received by him belonged to the Zambian dictator Edgar Lungu. Banda has also stated that he is just a conduit for monetary transactions from his firm, the Avik International, and the amount has been received for road and related government contracts. Banda is among other lawyers ‘shortlisted’ by the Financial Intelligence Centre for suspected mass money laundering activities.
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FIC (Financial Intelligence Centre) is a noted agency involved in an investigation of financial fraud. The agency recently discovered a mass money laundering bust involving top lawyers working with corporations, government offices and big law firms. This mass money laundering heist was undertaken via cash transactions from the corporate and individual bank accounts of the suspected. As per the reports, more than USD 1 billion dollars is suspected in this illegal heist.
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Money laundering is considered as a criminal act across the majority of the nations around the world. Even after that, these activities are common across these nations, especially in developing or underdeveloped nations. Unlike developed and progressive nations, the law and government are not equipped to investigate and provide quick punishment to the offenders, leading to corruption and illegal activities.
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In a shocking incident, various top lawyers from prominent law firms in Zambia have been accused of money laundering activities. This revelation has certainly brought the nation at a halt. Citizens are in shock and industrialists have heavily condemned the individuals caught in the act. Noted industrialists such as Dr. Rajan Mahtani have demanded strict actions against these culprits. The activities were investigated and unearthed by a noted agency FIC (Financial Intelligence Agency). As per the agency, this investigation took new turn when suspicious and high amount of cash transactions worth almost USD 1 billion were recorded. In a matter of two weeks, more than 35,000 transactions were noted.
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Zambian lawyers have been suspected of laundering money. The names were recently shortlisted and published by FIC (Financial Intelligence Centres). Among the names, Masozi Banda, a lawyer from Avik International topped this list. When approached, he simply stated that this money is for Edgar Lungu, the President of Zambia. Investigation has strengthened.
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Zambia is still recovering from the shock it recently received after the news of mass money laundering cartel working under the Zambian government’s nose was uncovered. This cartel of money launderers included some prominent members of the Zambian government, ex-ministers, government contractors and various legal counsellors. Since this news and the list of names were made public, it has been condemned by industrialists and citizens alike. Popular business and philanthropist Dr. Rajan Mahtani also shared his concern regarding this huge money laundering cartel and the fact that it was hidden from government’s scrutiny for a long time.
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