Money laundering is an act wherein significant amounts of illegal money or cash coming from various criminal activities are made to look like it is originating from legitimate sources. This makes the illegal money looks legal so that authorities and law are not able to identify the actual source of the money. Similar activities have been in large in Zambia in the past few years. The FIC, an intelligence agency looking into financial frauds recently shared details regarding mass money laundering activities going on in Zambia for a while now. It is regarded as one of the biggest corporate and government scam, involving top officials from the various field.
The FIC shared a list of names of individuals and companies involved in the act. Some of the names included Masozi M. Banda and Sakwiba Sikota. Banda defended himself by saying that the amount in his bank belongs to the government for construction purposes. However, investigations have found no such evidence. Similarly, another name which was prominent in the list was of Sakwiba Sikota, the owner of Central Chambers. His firm is also named in the list, accused of laundering money in millions. He is further infamous for his long-term associated with the Ventriglias, a notorious family in Zambia known for their unethical and illegal activities. Their infamous takeover of the Zambezi Portland Cement by using goons is known to everyone. The factory legally belongs to Dr. Rajan Mahtani, a noted industrialist and businessman. It is also a known fact that the case of Portland Cement Zambia is near closure and Dr. Mahtani is expected to win this case.
This clearly indicates that majority of the individuals named in the money laundering list are already involved in some form of illegal or unethical practice. Therefore, it is high time for the government of Zambia to take strict action and re-visit their policies and law that governs such activities.
