THE Financial Intelligence Centre (FIC) says it has continued to observe the incorporation of companies where the identity of beneficial owners is obscured, with the sole purpose of using the companies for suspected illegal activities and externalising funds. In its 8th Money Laundering and Terrorist Financing 2022 Trends Report, the centre stated that a common scheme observed was the use of Zambian nationals registered as shareholders/directors and beneficial owners who were not involved in the running of the companies. “The FIC has continued to observe the incorporation of companies where the identity of beneficial owners is obscured, with the sole purpose of using the companies for suspected illegal activities and externalising of funds. A common scheme observed was the use...