The Financial Intelligence Centre is the Financial Intelligence Unit (FIU) of the Republic of Zambia. The Financial Intelligence Centre was established in 2010 with the Parliament Law. The Financial Intelligence Centre is an independent and autonomous government agency affiliated to the Ministry of Finance. It is commissioned to play an active role in fighting money laundering, financing terrorism, and other financial crimes. The Ministry of Finance of the Republic of Zambia funds the Financial Intelligence Centre.
The purpose of the Financial Intelligence Centre is to ensure that the Republic of Zambia is protected from financial crimes and has a stable financial system. Financial institutions in Zambia are responsible for reporting suspicious activity reports to the Financial Intelligence Centre. The Financial Intelligence Centre examines and analyzes financial transaction reports from financial institutions. The Financial Intelligence Centre reports individuals and institutions that committed money laundering crime to law enforcement. In Zambia, fines are imposed on those who commit financial crime.
It has the authority to issue and control legislation to prevent financial crimes such as money laundering and terrorist financing. In addition, the Financial Intelligence Centre is responsible for ensuring that the country complies with international AML / CFT standards. The center coordinates local, regional, and international AML / CFT issues. The Financial Intelligence Centre is responsible for maintaining relations with foreign regulators.
The majority of financial crimes in the world occur through financial institutions. Some financial institutions do not know the precautions to prevent financial crimes. The Financial Intelligence Centre cooperates with financial institutions while fighting financial crimes. The Financial Intelligence Centre aims to ensure that it plays an active role in combating financial crime by informing and training financial institutions. Zambia has been actively pursuing its policies to combat financial crime in recent years.
Request a demo and learn how Sanction Scanner protects your firm from the Financial Crimes.Request Demo