The Role of the Financial Intelligence Centre (FIC)

There is an interesting debate going on around the role of FIC in Zambia in relation to other Law Enforcement Agencies (LEAs) such as DEC, ACC & ZPS. Here are my views. As a member of Egmont Group, The Financial Intelligence Centre (FIC) in Zambia have very specific and distinct roles which are clearly tabulated in the FIC Act. The FIC Website May also help clear the doubts if at all any. #Utuntu people should be encouraged to Google and read. Lol! In a nutshell FIC in Zambia is an administrative one. Their current roles used to be performed by the Anti-Money Laundering Authority (AMLA) which has the AML Investigations Unit (AMLIU) under the auspices of Drug Enforcement Commission (DEC). The Current DG – Mary Chirwa and other FIC staff came from AMLIU under DEC -which administers the 2 ACTS (one on Drugs and psychotropical substances and another on Anti-Money Laundering). The current FIC has no prosecutorial powers – meaning they can’t effect an arrest and Prosecute you in court of law. They receive, aggregate, analyse, filter and disseminate, share/report of Suspicious Activity Reports (SARS), Cash or Currency Transaction Reports (CTRs) of suspected Financial Crimes – which among many others are (Money Laundering and Countering Terrorism Financing to DEC – Which still has the Anti-Money Investigations Unit and the AML Authority and ACT is still under DEC). The suspected Bribery and Corruption reports are reported to the Anti-Corruption Commission (ACC) by FIC. The suspected TAX Avoidance and Tax Evasion are reported to Zambia Revenue Authority (ZRA) – Fraudulent transactions and Thefts are reported to Zambia Police Service (ZPS). That not withstanding all the Law Enforcement Agencies ( DEC, ACC, ZPS and ZRA) do initiate Investigations from other sources such as the media, informers, aggrieved Parties, concerned citizens, TIZ, Auditor General Reports, from OOP, Plot 1, Opposition Parties any concerned institution and individuals. The LEA and do collaborate on certain cases and can whilst jointly working together form a (Task Force) and can investigate complex Financial Crime cases which involve, bribery, corruption, money laundering and tax evasion for example. The FIC being a member of the Egmont Group is an equivalent of FinCEN in USA, Austrac in Australia, Intelligence Processing & Action Against illicit Financial Networks unit (Tracfin) Greece – ( Hellenic FIU) – India ( FIU-Ind) – UK ( UK-FIU -NCA). Canada-( Canafe). Have a great day folks

Published by Kemman

Regulatory and Independent Consulting Professional with expertise in Financial Crime Risk Compliance encompassing Anti-Money Laundering (AML), Countering Terrorism Financing (CTF), Anti-Bribery & Corruption (ABC – FCPA & UKAB), Global Trade & Sanctions, Bank Secrecy Act (BSA), Know Your Customer (KYC) and Customer Due Diligence (CDD), Internal Audit Testing, Reviews, Validation, Risk Assessment. Worked in Asia, Africa, Europe, the Middle East, North America (USA). Banking & FinTech, Anti-Sex & Human Trafficking Advocate, FOREX & Cryptocurrency trading, Travel & Tours, Telecommunications & Energy.

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