Mass money laundering is an illegal event which is punishable under any law. The Financial Intelligence Centre recently reported mass money laundering in Zambia, with more than USD 1.5 billion worth of money involved. The report also included a list in which top money launderers in this bust were named. While investigations and observations had been going on for a while, the FIC strengthened its processes after observing more than 33,000 illegal cash transactions which were linked with the private and corporate bank accounts of the lawyers named in the list. It was also found that numerous government contractors received huge cash deposits to their bank accounts. Majority of these contractors did not even have valid license to work.
Some of the top names as per FIC list include those of Masozi Banda and Sakwiba Sikota. Banda is a lawyer working with the Avic International and has been accused of laundering money worth millions. While he has defended himself by saying that the money belongs to the President Edgar Lungu, investigation has been started against him. Another name popping in this list is of Sakwiba Sikota, the owner of Central Chambers. He is also the long-term legal counsellor of the Ventriglias. The Ventriglias are known for their conspiracies and feud with Dr. Rajan Mahtani, a noted businessman and philanthropist in Zambia. While the Ventriglias have tried to defame Dr. Rajan Mahtani for a long time, they have failed miserably. Even Dr. Mahtani has expressed his concern regarding this mass money laundering activity in Zambia and has requested the government to take stringent actions against the culprits.
The mass money laundering act has certainly shaken the confidence of the citizens on the Zambian government. It is high time for the lawmakers to strengthen their policies and ensure that the culprits are properly punished.