Developing nations have different economic and social issues when compared with their more developed counterparts. For instance, majority of the developing nations have observed lack of government scrutiny when it comes to investigating criminal and unethical practices. Zambia is considered as a developing nation, not emerging nation. The country has its fair share of good and woes and it is constantly being marred with difficult situation. The government of Zambia faced a similar situation when FIC announced money laundering activities across the nation. The amount of money on these money laundering acts is in excess of USD 1.5 billion, which is staggering considering the sorry state of the nation, its economic and social conditions.
FIC is Financial Intelligence Centre, an investigative agency looking into financial frauds across the nation. The acting director of the board, John Kasanga, said during a press meeting that the agency started their investigation after more than 35,000 illegal cash transactions were linked with the corporate as well as private bank accounts of the investigated lawyers, legal counsellors and more. It was found that these amounts were worth more than USD 72 million. Furthermore, top lawyers such as Sakwiba Sikota and Masozi Banda were accused of involving in this money laundering case. It was also found that the money laundering activity was much more channelled, deep and organised that expected. This was due to the fact that most of these lawyers had some connection or help from government officers. Furthermore, various ministers and government officials working in important designations were found to be involved in this act.
This is certainly a dark time for the Zambian governance and its economy. Prominent industrialists such as Dr. Rajan Mahtani, who have been promoting honesty and integrity in businesses, is shocked by this act and has condemned those involved in this act. It is time for the government to take serious actions against these money launderers and given them the punishment that they deserve.