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The Financial Intelligence Center (FIC) says Zambia is losing unestimated huge sums of money through Casinos due to lack of stringent measures to regulate and monitor cash flow in the sector.
FIC Director for Compliance and Prevention, Diphat Tembo, noted with concern that the current tourism and hospitality Industry Act of 2015 was inadequate to deal with all the loopholes in the gambling business.
Tembo appealed to government through the Ministry of Tourism and Finance and National Planning to expedite the process of coming up with the gambling regulatory body which would adequately regulate the industry.
He stated in interview with Zambia Monitor in Lusaka on Wednesday that a lot of cash exchanges hands without passing through the banking system and tax collection agencies, and that as such the Zambia Revenue Authority was losing huge sums of money that can be used for development.
“Criminals are also using this sector to launder the money using Casino owners and this situation needs urgent remedy in order to seal the loopholes,” Tembo emphasized.
He further said criminals were also using the Life Insurance product in the insurance sector to launder their ill-gotten wealth and the Pensions and that the Insurance Authority should wake up and ensure that this was dealt with.
“Criminal are conniving with some insurance companies to cover certain goods and services and later claim for the payment of the type of insurance they were insured for without the authority noticing,” Tembo stated.
He added that the centre would continue to work with relevant regulators in the various sectors to ensure that the country stopped to lose huge sums of money that were needed for development.
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