Zambia

New Documents

The Financial Intelligence Centre of Zambia published a money laundering and terrorist financing trends report for 2019, highlighting the regulator’s efforts to address anti-money money laundering and counterterrorist financing concerns from 2017 to 2019.

The Eastern and Southern Africa Anti-Money Laundering Group issued a mutual evaluation report concerning Zambia’s anti-money laundering and counterterrorist financing regime, highlighting significant improvements to the country’s legal framework since the previous mutual evaluation in 2007.

News

Enforcement Actions

0 Items Found


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 : 11 Moderate : 9
Non-Compliant : 1 Low : 2

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