FINANCE and National Planning Minister Dr Situmbeko Musokotwane says not all cases involving the $3.5 billion in illicit financial flows cited in the FIC report are corruption or crime-related. The Financial Intelligence Centre’s 2024 Trends Report revealed that in 2024, the Centre detected US$3.5 billion in suspected illicit financial flows, which were mostly associated with commercial activities carried out by multinational enterprises in the private sector. Commenting on the FIC revelations at the town hall meeting on the mid-year budget performance, Thursday, Dr Musokotwane said government had responded to illicit financial flows by implementing legislation that would detect any suspicious transactions. “Not everything reported in the FIC report is crime-related, but it is also true that there are some transactions...
