Criminals in Zambia are using the Real Estate sector through Property developers and Travel Agents in the Aviation industry to launder their ill-gotten money, the Financial Intelligence Center has revealed.
Diphat Tembo, the Director of the Compliance and Prevention Department of the Financial Intelligence Centre says the trend is worrying and has led to the center engaging sector players on the need to start reporting suspicious transactions.
Mr. Tembo said FIC Property Developers and Travel Agents have agreed that any transaction beyond 10,000 dollars must be reported in order to investigate its source.
He said with the increase in terrorism financing, the Center wants to work with Travel agents and ensure that no ill-gotten money enters the country and is laundered through various activities such as the acquisition of property or land.
He made these remarks during a stakeholders’ engagement meeting in Lusaka today.
