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The Centre for Trade Policy and Development (CTPD) says it is concerned with President Hakainde Hichilema’s delay in appointing the Board of Directors of the Financial Intelligence Centre (FIC).
CTPD Executive Director, Isaac Mwaipopo, said the delay will work towards weakening the operations of the FIC which has continued to operate without a Board of Directors for over a year since Finance Minister Situmbeko Musokotwane dissolved the Board.
Mwaipopo is also concerned about the increasing prevalence of illicit financial activities in Zambia.
He said the 2022 FIC Trends Report had unveiled the urgent need for collaborative actions to combat financial crimes and enhance transparency and accountability in Zambia’s financial systems.
“Corruption continues to infiltrate the country’s institutions, as evidenced by the FIC’s analysis of suspected corruption cases valued at approximately K1.6 billion,” Mwaipopo said.
He added that the abuse of office and procurement processes remain rampant, with fraudulently awarded public procurement contracts being a recurring issue.
Mwaipopo said the involvement of politically exposed persons (PEPs) in these irregularities further emphasized the need for stringent measures to address corruption.
“The FIC report also exposes irregularities in forex trading, particularly within Bureau De Change were Individuals associated with these entities misuse personal accounts to conduct currency purchases without leaving a transaction trail,” he said.
“The FIC report also uncovers irregularities in agriculture procurement, including corruption, theft and consequently, these have affected the timely delivery of farming inputs under the Farmer Input Support Programme (FISP),” Mwaipopo added.
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