From 2010 to 2020, the Financial Intelligence Centre (FIC) Act in Zambia has gone through several legal surgeries or amendments. There is a proposed (Amendment) Bill, 2020 [N.A.B. 11, 2020] dated 7th of October, 2020 which is currently at first reading before the Zambian Parliament.
The Bill seeks to amend the Financial Intelligence Centre Act, 2010 so as
to:
• Re-define the functions of the Financial Intelligence Centre;
• Revise the definition of high risk customers in accordance with
international standards;
• Provide for customer due diligence on wire transfers in accordance
with international standards;
• Provide a risk management framework for anti-money laundering
requirements; and
• Expand the scope of reporting entities.
Any professional views on these proposed amendments are welcome.
KEMMAN Consultancy 