THE Financial Intelligence Centre (FIC) has disclosed that a syndicate of foreign nationals, working with some Zambians, illegally transferred over $100 million out of Zambia to the Middle East and Asia through 13 companies, all incorporated in 2023. Of the total amount, $75 million was transferred to companies in Asia, while $25 million went to companies in the Middle East. According to the FIC, the suspected economic activities of these companies included illegal mining, cross-border currency smuggling and illegal wildlife trade. It was further established that these companies were not tax compliant. The FIC’s 10th Money Laundering and Terrorist Financing Trends Report indicated that while the company registration documents listed Zambian nationals as the beneficial owners of these companies, it...
