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A recent report by the Financial Intelligence Centre (FIC) reveals that Zambia has developed a country risk barometer to track the destination of proceeds of crime.
According to the report, the barometer identified both the countries receiving illicit funds from Zambia and those from which such funds originate.
It stated that the FIC developed the risk barometer in the first quarter of this year using bulk data analysis from wire transfer reports, suspicious transaction reports, and cross-border currency declarations.
The tool aimed to assess countries that may pose a high risk of money laundering, terrorist financing, and proliferation financing in relation to Zambia.
“The FIC, during quarter one, developed a country risk barometer through bulk data analysis of wire transfer reports, suspicious transaction reports and cross-border currency declaration reports to determine countries that may pose a high risk of Money Laundering, Terrorist Financing, Proliferation Financing (ML/TF/PF) in the context of Zambia,” the FIC stated.
The results are expected to guide the FIC in forming Memoranda of Understanding (MoUs) with other countries for information exchange and cooperation.
Additionally, the FIC planed to create procedures for reporting entities to access the barometer to support their transaction monitoring.
In 2023, the FIC began implementing a new anti-money laundering system, goAML, developed by the United Nations Office for Drugs and Crime (UNODC).
This integrated software solution would improve data collection, management, and analytics, facilitating rapid information exchange among stakeholders.
The system is scheduled to go live in the third quarter of 2025.
“Once implemented, the system will significantly enhance engagement with reporting entities and law enforcement agencies. Discussions with the UNODC have reached an advanced stage. We envisage to go live in the third quarter of 2025,” the FIC stated.
It further indicated that: “The FIC will engage key stakeholders on the roll out of this robust AML system. Reporting entities are encouraged to contact the Centre for any clarifications regarding the upcoming changes.”
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