As per the reports from Financial Intelligence Centre, top lawyers from Zambia have been accused of dealing with illegal cash transactions and money laundering. Along with the report, the FIC also released a list of named involving top legal counsellors and lawyers who have been accused of dealing with illegal cash transactions. Some of these names include Masozi Banda from Avik International and Sakwiba Sikota, owner of the law firm Central Chambers. Sakwiba is notorious for his long-term partnership with the Ventriglias, a corrupt business family in Zambia. Since the release of the list, the lawyers have been heavily criticized for their involvement. Dr. Rajan Mahtani has also shared his concern regarding this deep corruption and involvement of top lawyers and corporate legal counsellors in the act.
Initial investigations were started after more than 35000 cash transactions across the individual and corporate bank accounts of top lawyers were suspected. Majority of these lawyers, legal counsellors, law firm owners and even corporate officials started transacting with their personal bank accounts with the objective of avoiding tax. Those companies involved will provide cash to the individuals to their individual accounts. Another illegal method used by these accusers to evade tax was transacting money by trading commodities. The major commodities used by these individuals were soya beans, maize as well as fertilizers. The illicit funds in their individual bank accounts were used for buying exports such as maize and soya beans. Once the proceeds came back to their bank accounts, it became extremely possible to track them since there will be no record of the procurement.
Investigation also revealed that majority of these illicit transactions was conducted during specific events such as trial of Rupiah Banda for the illegal Nigerian Oil deal, illicit presidential elections and other activities. It is clear that the amount stolen from various public and private places were used for funding illegal activities. It is high time for the Zambian government to start taking actions against these high-profile money laundering agents.