THE Financial Intelligence Centre says there is need to constitute a unit which will adequately analyse trade data because Trade Based Money Laundering risks have been identified in Zambia. The FIC report on Trade Based Money Laundering in Zambia has indicated that there were some fraudulent and unauthroised amendments to trade documents, frequent amendments to letters of credit and multiple invoices of goods and services. The report has also identified mining, construction, agriculture and retail, as sectors which are most associated to money laundering activities in the country. The study, which was conducted in top seven countries that mostly trade with Zambia, including South Africa, Congo, Namibia, Nigeria, China, Mauritius and United Arab Emirates, is aimed at identifying how trade…...

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