FIC Report Sparks Outrage

Published from Blogger Prime Android AppRevelations trigger calls for arrests, asset recovery, and reforms

By Francis Maingaila 
Lusaka, Zambia24 - (July 25, 2025) — Transparency International Zambia (TI-Z) has expressed outrage following revelations in the Financial Intelligence Centre’s (FIC) 2024 Trends Report that suspected Illicit Financial Flows (IFFs) amounting to USD $3.5 billion were detected in 2024, largely involving multinational corporations engaged in commercial activities.

In a strongly worded statement, TI-Z Executive Director Maurice Nyambe said the figures reflect a disturbing failure by authorities to curb illicit finance and protect national resources.

“These billions represent stolen opportunities for the Zambian people,” Nyambe said. “We are calling for immediate arrests, asset recoveries, and structural reforms. The time for politeness is over.”

According to the FIC report, the Centre analysed 18,330 Suspicious Transaction Reports (STRs)—a 16.8% increase from 2023. Despite this rise, TI-Z sharply criticised the limited attention given to public sector corruption, with only 10 corruption-related cases disseminated to law enforcement agencies.

“Public sector corruption is a dangerous cancer on our economy. The low number of corruption cases signals either neglect or fear. Either way, it’s unacceptable,” Nyambe stated.

TI-Z acknowledged that 951 cases were disseminated to law enforcement and foreign agencies in 2024, up from 923 in 2023. Feedback from law enforcement led to three convictions and seven non-conviction-based forfeitures, resulting in the recovery of USD $26.5 million and K71.5 million in cash and assets.

However, the organization stressed that these figures pale in comparison to the billions being lost and warned that enforcement remains weak and selective.

“Asset recoveries are happening, but they’re not enough. We need to see political will backed by high-profile prosecutions. No one should be above the law,” Nyambe said.

The report also showed that commercial banks accounted for 96.9% of STRs, with 8,710 reports filed. In a notable development, casinos submitted 17 STRs—up from zero in 2023—a shift attributed to increased supervision and awareness efforts.

TI-Z reiterated its call for stronger financial regulations, independent oversight, and a complete overhaul of anti-money laundering systems to close the gaps exploited by criminal networks and complicit actors.

“The FIC has sounded the alarm—again. If the government continues to ignore it, then it becomes part of the problem,” Nyambe warned.

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