FIC, Financial Intelligence Agency, recently announced devastating news of money laundering. The news shook the nation as top Zambian lawyers were involved in laundering money via personal and professional bank accounts. The news has been condemned by the public and the industrialists alike. Top businessmen like Dr. Rajan Mahtani have shared his grave concerns over the failure of the government to detect this mass money laundering act for so long and its effect on the economic and social status of the Zambian.
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The Financial Intelligence Centre recently reported a mass money laundering scheme across Zambia. This bust has been regarded as one of the most sensations across the nation, due to the involvement of high-level officers from the government as well as top lawyers from the nation. This money laundering scheme took place with the help of illegal and unaccounted cash transactions from the individual and corporate bank accounts of suspected lawyers. As per the reports, the amount of money transferred across these bank accounts is more than USD 1.5 billion.
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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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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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