A LUSAKA based law firm belonging to renowned businessman Valden Findlay’s wife, “D Findlay and Partners”, has rejected a routine anti-money laundering inspection by the Financial Intelligence Centre (FIC), saying exposing their clients’ files would breach confidentiality. According to the Financial Intelligence Centre (FIC) Act No. 46 of 2010, Law firms, just like banks, are required to report suspicious financial transactions. Specifically, Section 29 obligates law firms, as Designated Non-Financial Businesses and Professions, to submit reports within three working days if they suspect transactions involve money laundering or terrorism financing. The FIC is further obligated to conduct inspections on its reporting entities and impose penalties for non-compliance. According to court records seen by News Diggers in this case, the FIC...
