By Bennie Mundando
PROCEEDS from money laundering activities in Zambia last year almost tripled those recorded in 2018 despite recording reduced number of cases, the Finical Intelligence Centre (FIC) has said.
In its 2019 trends report, the Centre says during the period under review, the FIC disseminated six intelligence reports bordering on money laundering compared to 12 in 2018.
The Centre however says the value of the disseminations increased from K195 million in 2018 to K 450 million in 2019.
“The major predicate offences that contributed to the generation of proceeds of crime were tax evasion and corruption. The trend observed was that the proceeds of crime were invested in offshore centers, local property market and in business,” reads the report in part.