Zambia

New Documents

ESAAMLG Upgrades Three AML/CTF Technical Compliance Ratings of Zambia, Downgrades Three

The Eastern and Southern Africa Anti-Money Laundering Group published the first enhanced follow-up report on Zambia’s progress in technically complying with the Financial Action Task Force’s anti-money laundering and counterterrorist financing Recommendations.

August 25, 2022

Basel Institute, Zambian Authority Sign MOU to Bolster Anti-Corruption Efforts

The Basel Institute on Governance announced its entry into a memorandum of understanding with Zambia’s Anti-Corruption Commission to tackle corruption in the country.

July 8, 2021

Zambia FIC Publishes Report on ML/TF Trends

September 4, 2020

ESAAMLG Highlights Improvement of Zambia’s AML/CTF Legal Framework

June 25, 2019

Zambia’s FIC Highlights Admission to Egmont Group, Other AML/CTF Accomplishments in 2018

June 4, 2019

News

Midweek Roundup: FinCEN Targets Legal Entities and Real Estate Market, US Threatens Russia with SWIFT Ban, and More

U.S. imposes sanctions on kleptocrats and human rights abusers, facilitator of Danske Bank money laundering slated for extradition to Denmark, and more, in the midweek roundup.

December 8, 2021

Weekly Roundup: Goldman Inks $4 Billion 1MDB Settlement, Philippine Bankers Suspected of Enabling Wirecard Fraud, and More

Norway flags deficiencies in Danske Bank’s AML program, U.K. seizes Lloyds Bank account linked to ‘Ndrangheta, and more, in the weekly roundup.

July 24, 2020

Weekly Roundup: Germany Raids ABN Amro, Romania Investigates 16 Banks for AML Failures, and More

February 28, 2020

Weekly Roundup: FinCEN Trims During Shutdown, EU Considers Reforming AML Beyond Current Plans, and More

January 4, 2019

Weekly Roundup: Hackers Claim to Publish Bank Client Data for Unpaid Ransom, Germany Takes Tough Tack on Russia Sanctions, and More

January 9, 2015

Enforcement Actions

0 Items Found

Key Documents

Zambia Enacts AML Framework

November 9, 2001

Zambia Amends AML Legislation

November 29, 2010

Zambia Enacts Anti-Terrorism Legislation

September 6, 2007

Important Facts

  • The U.S. Department of State classifies Zambia as a monitored jurisdiction. Zambia is not a major financial center. The proceeds of narcotics transactions, bribery and public corruption are the main sources of laundered funds. Wildlife trafficking, human trafficking and the timber trade also are problems. Banks, real estate agents, insurance companies, casinos and law firms are the institutions most commonly used to launder money. Criminals in Zambia have used structuring, currency exchanges, monetary instruments, gaming, under-valuing assets, procurement fraud and front companies to launder illicit proceeds. Other devices include securities, debit and credit cards, bulk cash smuggling, wire transfers, false currency declarations and trade-based money laundering via the purchase of luxury goods, such as vehicles and real estate and abusive trade misinvoicing of general trade goods.
  • KYC Covered Entities: Commercial and development banks, building societies and microfinance entities, savings and credit institutions, money exchanges and remitters, securities firms, and casinos
  • STR Covered Entities: Commercial and development banks, building societies and microfinance entities, savings and credit institutions, money exchanges and remitters, securities firms, insurance companies, venture capital and pension funds, leasing companies, and casinos
  • Enhanced Due Diligence Procedures for PEPs: Foreign: No; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 28 (2014); Convictions: 29 (2014)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 11 High : 0
Largely Compliant : 17 Substantial : 0
Partially Compliant : 12 Moderate : 9
Non-Compliant : 0 Low : 2

Zambia's technical compliance was re-rated in a June 24, 2022 follow-up report

BASEL i

Rank : 19/146
Score : 7.43/10

TRANSPARENCY INTERNATIONAL i

Rank : 113/180
Score : 34/100

Tax Justice Network i

Rank : N/A
Score : N/A