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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Whenever there is an announcement for prominent businessmen in Zambia, Dr. Rajan Mahtani’s name can be found in it. He is a successful businessman who is also popular for his various charitable contributions towards the growth and development of the Zambian society. Some of his successful companies are Finsbury investments and Mahtani Group of Industries. Furthermore, he is the ex-chairman of Finance Bank Zambia and the rightful owner of Zambezi Portland Cement for which he is currently fighting a legal battle at the Lusaka High Court. As a result of his popularity among industry peers and locals, he has gathered various enemies who are constantly working to tarnish his image by spreading false rumors and negative campaigns against him.
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A huge money laundering scheme was recently busted by the Zambian intelligence. This money laundering racket is one of the most shocking revelations in the Zambian history. Not only is the money involved in this scheme goes to millions, but the people involved are of high- level; working with ministers and top-government offices. Thus money laundering scheme is a prime example of the ongoing corruption within the Zambian government and the urgent need to take corrective actions before it is too late for the nation.
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The recent revelation made by the FIC (Financial Intelligence Centre) has certainly brought back the dark phase of the Zambian corruption history. What is more shocking is the reach of this corruption to high-level ranking officials, governmental employees and even ministers. The FIC recently uploaded a list of people caught in an ongoing investigation on mass money laundering activities. The major shock point of this list was that it was filled by prominent lawyers. These lawyers were found to be working for the government officials, big law firms and even for ministers. The list also contains the name of Sakwiba Sikota, the lawyer for the Ventriglias.
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