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HomeNewsBank of Zambia calls on financial institutions to fight financial crimes

Bank of Zambia calls on financial institutions to fight financial crimes

The Bank of Zambia (BOZ) has called on financial sector players in the Eastern and Southern African region to develop and effectively implement programmes that mitigate the adverse effects of criminal economic activity and promote integrity and stability in financial markets.

Bank of Zambia Deputy Governor in charge of Administration, Rekha Mhango stressed that the importance of financial institutions was to build capacity and also fight money laundering and other financial illicit activities.

Mrs Mhango said the World today faces serious threats from the acts of money laundering, financing of terrorism and proliferation of weapons of mass destruction perpetrated by individuals or organized criminal syndicates and corporations.

Speaking during the official opening of a five days training workshop on combating money laundering taking place in Livingstone, Mrs Mhango said that these vices threaten security and compromise stability, transparency and efficiency of the economic system and entrench poverty and misery in our societies.

Mrs Mhango added that these acts can jeopardize the integrity of the financial system and weaken financial institutions.

“In response to this scourge, nations around the globe have come together, under the umbrella of the Financial Action Task For (FATF) to put in place measures to fight money laundering and counter terrorism financing and pro

She disclosed that the Bank of Zambia recognizes the undesirable impact money laundering and associated crimes can have on economic development, hence the need to strengthen efforts to fight these vices in Zambia and the region.

She said in Zambia, the Bank, working together with the Financial Intelligence Centre (FIC), has played a key role in leading efforts to rid the financial sector of undesirable activities.

And MEFMI Programmes Manager for Regulation and Supervision of Financial Institute Noel Mahombera assured BOZ of the institute’ support in building capacity together with other institutions regulated by the Bank.

The workshop was organized by the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI) in partnership with the Bank of Zambia.


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