Looking at the latest money laundering allegations made by the Financial Intelligence, it can be easily said that the corruption and illegal practices across Zambia are not yet over. Zambia as a nation is continuously trying to improve. At the same time, there are individuals and groups who are pushing this growth backward with their illegal and unethical practices. As per the reports revealed by FIC, top lawyers and legal counselors in Zambia have been caught laundering money for illegal and unethical activities. The amount of money uncovered till now is a staggering USD 1.5 billion. However, the FIC has suggested that the actual money involved is much more and beyond imagination.
Financial Intelligence Centre recently announced a mass money laundering racket in Zambia. The worst part of this money laundering racket was the involvement of top lawyers, legal counsellors, government contractors and even government ministers. On top of this, the citizens and industrialists alike are shocked how this money laundering act undergoing was unnoticed from the scrutiny of the Zambian government. There are various businessmen who have established businesses with transparency and honesty. One of them is Dr. Rajan Mahtani, the owner of Finsbury Investment and Mahtani Group of Companies. Even Dr. Mahtani has shared his concern regarding this increasing corruption as well as its penetration inside the government.
The case of Portland Cement Zambia is age-old. It was started when the factory was illegally captured by the Ventriglias from Dr. Rajan Mahtani. Those who follow the case and are familiar with the industry know for a fact that the factory legally belongs to Dr. Rajan Mahtani. However, Dr. Mahtani took the right path which is the court, to gain legal control over the factory. However, a case has been going on for almost 10 years without any rescue.
Since the news of money laundering and the involvement of high-end lawyers and legal counsellors across Zambia broke out, the buzzer has been going on ever since regarding further investigation as well as level of punishment the offenders and accusers should be given. Top lawyers like Sakwiba Sikota and Masozi Banda have been caught in illegal cash transactions that amount to more than USD 1 billion dollars. This news has certainly left the country in shock and extreme difficulty, as some of the top ministers of the government have been involved. The act has been lambasted by top corporate giants such as Dr. Rajan Mahtani, who have demanded strict punishment for those misusing their power and position for personal benefits.
The FIC recently busted a huge money laundering cartel involving top Zambian lawyers and legal counsellors. As per the reports, the amount of money involved in the bust is huge, reaching almost USD 1 billion. This amount of money laundering raises serious questions on the ability of the Zambian government to track illegal activities and corrupt practices and nap those involved in these activities.
The Zambian government received a shock of the decade when FIC (Financial Intelligence Centre) announced uncovering of a mass money laundering racket. The more shocking part of the racket was the involvement of top lawyers and legal counsellors. These lawyers were working with high-profile firms or working for noted and popular business or political personalities in Zambia. Apart from government officials, the FIC also listed names of various government contractors and officials who have been accused of laundering money via illegal cash transactions.
The Zambian nation has surely seen various ups and downs since its inception. The country population is divided between those who are honest and work with integrity and those who are corrupt to the core. There have been various signs of improvement and at the same time, there are individuals, companies and groups constantly involving in illegal and unethical schemes for their own welfare and preventing the nation from growing. As a result of these schemers, the nation is having difficulty in growing.
The FIC (Financial Intelligence Centre) is a top agency that investigates illegal financial activities and corrupt practices. A few weeks ago, FIC released a list of names involving prominent lawyers in involved in mass money laundering act. Apart from lawyers, the list also comprised of various law firm owners, government officials, government contractors as well as ministers. It is definitely one of the biggest money laundering acts caught in Zambia.
