The Heads of Global Financial Intelligence Units (FIUs) has approved Zambia’s admission as a member of the Egmont Group of Financial Intelligence Units.

Four years ago, Zambia’s Financial Intelligence Centre (FIC) made an application to become a member of the Egmont Group as required by the global Anti-Money Laundering/Countering and the Financing of Terrorism (AML/CFT) Standards.

According to a statement issued last week, Zambia’s confirmation of membership was made at the 25th Plenary of the Egmont Group which was recently held in Sydney, Australia.

And Finance Minister Margaret Mwanakatwe has welcomed the move saying that it was one of strides the country was making towards the fight against financial crimes.

“Admittance to the Egmont Group is also expected to improve investor confidence in Zambia’s financial system and its attendant Anti-Money Laundering/Countering the Financing of Terrorism Regime,” Ministry spokesperson Chileshe Kandeta quoted Mwanakatwe as saying.

Mwanakatwe further said that Zambia’s membership to the Egmont Group becomes an addition to the positive attributes that international rating agencies look out for in assigning a sovereign credit rating to a country.

The goal of the Egmont Group is to provide a forum for FIUs around the world to improve support to their respective governments in the fight against money laundering, terrorist financing and other financial crimes.