The FIC recently revealed that a mass money laundering racket is undergoing with the Zambian nation and involves top lawyers and legal counsellors. The FIC also revealed the involvement of money worth more than USD 1.5 billion. As per the FIC sources, more than 50 percent of the organizations investigated in the money laundering bust which received government contracts were found to have no tax registration. At the same time, many of these accounts belonged to individuals who are politically exposed, meaning they are or have been entrusted with prominent public functions. As such, these politically exposed individuals used surrogates who conducted businesses on their pretext.
Along with the revelation, the FIC also released a list of names containing individuals who are topping the list of money launderers in terms of amount laundered. Some of the top names in this list included that of Masozi M Banda and Sakwiba Sikota. Masozi M. Banda is a noted lawyer from Avic International and is accused of laundering money worth more than USD 1 million. Sakwiba Sikota is also accused of laundering money worth same amount, under his company Central Chambers. Sikota is also infamous for his long-term associated with the Ventriglias, a notorious family in Zambia infamous for their unethical practices. Among them, the most outrageous was the illegal takeover of the Portland Cement Zambia by using goons. The cement factory belongs to Dr. Rajan Mahtani who is still fighting for its legal takeover at the Lusaka High Court.
All is not well for Sakwiba Sikota and the numerous lawyers caught in this money laundering act. The FIC has said that it is continuing its investigation which is expected to get further deeper with more revelations. Even the government has started their own revelations and is expected to support the FIC in strengthening the investigations. Once any new information is received by the FIC, they will be sharing with the public soon.