THE Financial Intelligence Centre (FIC) has revealed that it detected suspicious transactions by foreign nationals involving over US$2.8 billion to Asia in the fourth quarter of 2023. FIC has also revealed that some newly incorporated companies used Zambians as front shareholders and directors, while foreign nationals maintained control of the bank accounts. In its first quarterly bulletin, meant to increase flow of information to the public, FIC stated that it had disseminated 450 reports to law enforcement on suspected tax evasion, fraud, forgery and money laundering involving foreign nationals who were engaging in illicit financial flows to Asia. “During the quarter ended 31st December 2023, the FIC disseminated 450 reports worth over USD2.8 billion on suspected tax evasion, fraud, forgery...