- Goal Diggers
- Guest Diggers
Make Zambia hostile to financial crimes, demands FIC bossBy Natasha Sakala on 29 Aug 2019
Financial Intelligence Centre (FIC) Director General Mary Chirwa has called on stakeholders to help make Zambia hostile to perpetrators of illicit financial flows.
And Chirwa says illicit financial flaws are a drain on state resources, reduce efforts to enhance domestic resource mobilization and cancel out investment inflows.
She was speaking when she officially opened the ongoing 2019 CTPD/AFRODAD media and government officials training workshop that is being held in Lusaka under the theme ‘Financing for development: Building on effective Domestic Resource Mobilization and Public Debt Management’, Wednesday.
“As a country and stakeholders, we need to take a coordinated approach to strengthen our economic governance institutions and machinery to ensure that we fight this vice. We need to ensure that tax administration is looked at, contract negotiations and trade related financial leakages. We need to tighten these faculties if the fight against IFFs is to be won. Every coin counts for Zambia. Let’s make our country hostile to perpetrators of financial crimes,” Chirwa said.
“The tackling of illicit financial flows is vital for sustaining economic stability and growth, maintaining security of society, protecting human rights, reducing poverty, protecting the environment for future generations and addressing serious and organized crimes.”
And the Director General said illicit financial flows were a drain on state resources.
“It is not just the loss of huge sums of money that should worry us, the general populace also loses confidence in their elected leaders and public institutions. Tax payers and economic players who work tirelessly to contribute to the society or economy become disillusioned. Genuine and law abiding companies find it difficult to compete due to unfavorable business environment where a shadow financial system continues to exist, the whole fabric of society is affected. It presents a drain on state resources, reduces efforts to enhance domestic resource mobilization and cancels out investment inflows. Ultimately, government fails to settle loans or debts as they fall due, due to limited reserves its disposal,” she said.
“Illicit financial flows undermine domestic revenue collection and have adversarial consequences on the ability of countries to optimally benefit from the extractive sector. Siphoning of resources by illicit means not only slows development, it also undermines the whole structure of society resources are diverted away from priority sectors such as energy and power, agriculture, infrastructure, health and education. In Such an environment, high poverty levels are the talk of the day, the gap between the rich and the poor keeps on increasing as resources are not being shared equitably.”
Chirwa said there was need to undertake specific research to establish the actual value of money which the country was losing to IFFs.
“No country is immune from illicit financial flows and therefore governments and all of us need to work together to tackle it successfully. The Financial Intelligence Centre is one of the institutions that have information on illicit financial flows data. More work, however, has to be done. There is need to undertake specific research to establish the quantum amount the country is losing to illicit financial flows,” said Chirwa.
About Natasha Sakala
Natasha Sakala draws inspiration from people who stand up for what is right. She is very versatile and likes to bring out issues as they are.
Email: natasha [at] diggers [dot] news
- Coronavirus forces Lusaka’s Taj Pamodzi Hotel to close - 26 Mar 2020
- Court revokes arrest warrants issued against Kamanga, 5 others - 26 Mar 2020
- Legana sausage didn’t have foreign matter, health inspector tells court - 26 Mar 2020
- Pick n Pay manager narrates how Kopakopa complained after buying Legana sausage - 25 Mar 2020
- Nakacinda on campaign to malign UPND for rejecting Bill 10 – Kakoma - 24 Mar 2020
- Cabinet debates total lockdown (29,469 views)
- Sangwa asks Lungu to declare State of Emergency (9,428 views)
- Let’s sympathise with Lungu and help him, or we will all perish! (8,647 views)
- Zambia’s economy will take years to recover from Coronavirus - Siliya (8,282 views)
- Zambian student chased from Chinese University over suspected COVID-19 (6,631 views)
Subscribe for news email alerts
ArchivesApr0 PostsMay0 PostsJun0 PostsJul0 PostsAug0 PostsSep0 PostsOct0 PostsNov0 PostsDec0 Posts
- «March 2020»
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- COVID-19 cases rise to 29
- We’ve started mobilizing funds to fight COVID-19 – Ng’andu
- Philosophy & Homosexuality
- Let’s sympathise with Lungu and help him, or we will all perish!
- Cabinet debates total lockdown
- What will be Mr Lungu’s achievements by 2021?
- Chitalu announces 6 more Covid-19 cases
- Zambia’s economy will take years to recover from Coronavirus – Siliya
- LCC not ready for COVID-19, says Mayor
- COVID-19 cases rise to 22
- Topstar removes Prime TV from its platforms
The News Diggers
Deputy News Editor
Send this to a friend