Money laundering is an illegal activity and in the past few years, various instances of illegal money transactions have been suspected across Zambia. Recently, Zambian citizens received shock of the decade when it was revealed that top legal counsellors from Zambia were engaged in money laundering activities for a long time. The news was made public by FIC (Financial Intelligence Centre) which also released a list of names including top legal counsellors involved in the illegal acts.
As per the reports, the level of penetration of money laundering within corporations and government offices is significant. The list released had prominent names like Masozi M. Banda, a noted legal counsellors working with Avik International. It has been estimated that he is involved in laundering money worth more than USD 1 million dollars. In fact, the total amount of money suspected in this money laundering cartel goes well beyond USD 1 billion. Considering the struggling nature of the Zambian economy and the constant struggle faced by the Zambian government to provide even basic necessities for its citizens, this illegal bust casts a big shadow on the government’s ability. Another name which was prominent in the list was of Sakwiba Sikota, the owner of Central Chambers. He is also the long-term legal counsellor for the Ventriglias. He handles majority of the cases for them and one of the cases which has been national news is of Portland Cement Zambia against Dr. Rajan Mahtani. Now those familiar with the incident know clearly that Dr. Rajan Lekhraj Mahtani is a noted businessman known for his transparent and honest business.
The money laundering act has certainly brought the government to a standstill and industrialists have demanded strict punishment for those involved.
As per the reports, the level of penetration of money laundering within corporations and government offices is significant. The list released had prominent names like Masozi M. Banda, a noted legal counsellors working with Avik International. It has been estimated that he is involved in laundering money worth more than USD 1 million dollars. In fact, the total amount of money suspected in this money laundering cartel goes well beyond USD 1 billion. Considering the struggling nature of the Zambian economy and the constant struggle faced by the Zambian government to provide even basic necessities for its citizens, this illegal bust casts a big shadow on the government’s ability. Another name which was prominent in the list was of Sakwiba Sikota, the owner of Central Chambers. He is also the long-term legal counsellor for the Ventriglias. He handles majority of the cases for them and one of the cases which has been national news is of Portland Cement Zambia against Dr. Rajan Mahtani. Now those familiar with the incident know clearly that Dr. Rajan Lekhraj Mahtani is a noted businessman known for his transparent and honest business.
The money laundering act has certainly brought the government to a standstill and industrialists have demanded strict punishment for those involved.