BoZ Urged to Take Punitive Measures Aimed at Curbing Money Laundering Activities

A Financial Analyst has urged Bank of Zambia to take punitive measures aimed at ensuring that financial institutions are not used for money laundering activities and terrorism financing.

Trevor Hambayi tells Money News in an interview that previously, financial institutions were part of the process of money laundering by allowing entities that acquired money illegally to make transactions. Mr. Hambayi says the Central Bank should therefore put in place measures that will provide oversight on money laundering by sanctioning financial institutions that take part in illegal businesses.

He adds that some financial institutions have continued to engage in money laundering and funding of terrorism due to lack of enforcement of policies governing the activities, hence the Central and the Financial Intelligence Centre (FIC) should see it that such acts are curbed.