PACRA has submitted that the Financial Intelligence Centre (FIC) should be empowered with authority to investigate and prosecute offences arising from its annual trends reports to enhance its effectiveness. The Agency adds that, as a member of the Inter‑Agency Coordination Framework, it receives intelligence reports from FIC on anonymous company ownership and uses them to verify compliance with the Companies Act on beneficial ownership declarations. Reviewing the operations of the FIC before the Committee on Cabinet Affairs, Monday, PACRA Registrar and Chief Executive Officer Benson Mpalo noted that while the Centre effectively detects, analyses and reports financial crimes, its work was undermined by the absence of investigative and prosecutorial powers. “Moving on to the other item on the effectiveness of...