The latest released Trade Based Money Laundering Financial Intelligence Centre report has revealed that criminals used goods such as: industrial equipment, scrap metal, motor vehicles, used clothes, cigarettes, natural minerals, and metals, to launder money from the government.
The report further shows that offshore companies and trusts are used by criminals to launder money.
Furthermore, the report revealed that some foreign nationals incorporated companies in Zambia with locals, and used them as fronts to import food products from Asia, for subsequent sale in Zambia.
However, the said companies would settle supplier invoices for the importation of foods products, but there were no deliveries of the consignment imported, and the company, over the period of nine (9) months, settled supplier’s invoices worth 7.8 million dollars, with no goods received to support the remittance.
By Darius Choonya
