THE Financial Intelligence Centre (FIC) has revealed how foreign nationals from an East African country recorded a credit turnover of K1 billion and $5 billion between 2022 and 2024 through illegal mineral trade with Zambians. The Centre explained that the trade often involved nationals of Country O bringing undeclared currency into Zambia, which was then used to purchase minerals that were subsequently smuggled back to Country O. The FIC disclosed that these undeclared funds were used to buy illegally mined minerals in districts such as Kasempa, Mufulira, Kitwe and Chingola. The FIC’s 10th Money Laundering and Terrorist Financing Trends Report noted that this illicit activity thrived due to the porous border between Zambia and Country O and the ease with...
