The Financial Intelligence Centre recently broke the astonishing news of money laundering in Zambia and a loss of almost USD 1.5 billion worth of money in this scheme. Top lawyers and legal counsellors are accused of involving in this money laundering scheme.
The FIC started its investigation after more than 33,000 illegal cash transactions were linked with several bank accounts. These accounts belonged to top lawyers and legal counsellors in Zambia, working with various public, private and even government entities. Furthermore, it was also found that these accounts were highly active during events such as trial of Rupaih Banda for his involvement in illegal Nigerian oil dealings, presidential petition and illegal elections. In this manner, the FIC was able to track the monetary transactions and identified that majority of these funds were used for funding these illegal events.
Top lawyers from Zambia have been named in this money laundering list. At the top of the list is Masozi M. Banda, a lawyer from Avic International accused of laundering money worth more than USD 1 billion. Next in line is Sakwiba Sikota, the owner of Central Chambers and long-term legal counsellor for infamous Italian family, the Ventriglias. Since establishing their businesses in Zambia, the Ventriglias have involved in numerous unethical practices and Sikota has been saving them from the law. One of the most infamous acts from the Ventriglias has been the illegal takeover of the Portland Cement Zambia from the Ventriglias by using goons. In a similar manner, majority of the lawyers, government contractors and others named in the list have been conducting illegal businesses and transactions for a long time and getting away with law and order by taking advantages of the various limitations of the government’s functioning.
It is clear from the above evidences that money laundering scheme is real and pretty much happening across the nation. Therefore, it is time for the Zambian government to take action and give appropriate punishment to the lawbreakers.