FIC has revealed that in the first quarter of 2024, it observed a continuing trend of suspected tax evasion and money laundering by foreign nationals transferring suspected illicit funds out of Zambia. The Financial Intelligence Centre says during the period under review, it disseminated 810 reports to law enforcement, with estimated outflows of Kwacha equivalent of K61 billion related to suspected illicit financial flows. The centre has disclosed that inquiries and verifications conducted during the quarter uncovered, among other significant sources, fraudulent activities, tax evasion-tainted legitimate trade operations and illicit mining. In its 2024 first quarter bulletin, the Centre observed that foreigners continued to establish companies and use Zambians as proxies to maintain control over their respective bank accounts. “During...