By Jane Chanda
Transparency International Zambia(TIZ) says the recent revelation of K61 billion in suspected illicit financial flows in the first quarter of 2024 highlights the urgency in addressing the fight against illicit financial flaws.
And TIZ has welcomed the partnership between the Financial Intelligence Centre (FIC) and the United Nations Economic Commission for Africa (UNECA) saying it is a significant step forward in the fight against illicit financial flows (IFFs).
FIC and the UN Economic Commission for Africa aimed at tackling illicit financial flaws in Zambia through capacity building, data sharing and joint initiatives.
Speaking to Daily Revelation yesterday, TIZ executive director Moris Nyambe,said his organisation expected the partnership to enhance the effectiveness of the FIC and advance the fight against IFFs.
Nyambe emphasised that the recent revelation of K61 Billion in suspected illicit financial flows in the first quarter of 2024 highlighted the urgency of the problem.
“These resources are sorely needed by the nation and would more than cover the supplementary budget of ZMW 41.9 Billion announced recently to address the drought and other related challenges,” he said.
Nyambe expressed hope that the partnership would align with the national policy on Anti-Corruption, which emphasised international cooperation, legal mutual assistance, and asset recovery.
“We expect the partnership to address the challenges of source countries like Zambia by engaging destination countries and strengthening regional and international mechanisms to combat IFFs,” he said.
Nyambe urged the FIC to share more details on the partnership, saying the organisation would like to see how stakeholders could leverage its benefits.
“Ultimately, this partnership should complement the work of TI-Z in the fight against IFFs,” said Nyambe.
The partnership between the FIC and UNECA is aimed at addressing the scourge of illicit financial flows, which have deprived Zambia of much-needed resources.
