Wed, 29 Nov 2017 14:11:13 +0000 …through corruption and bribery in mining and Gvt contracts By Aaron Chiyanzo ZAMBIA has lost K3 billion in suspected corruption and theft resulting from fraudulent procurement of mining and government contracts as well as transactions by politically exposed persons (PEPs) and their associates, Financial Intelligence Centre (FIC) 2016 trends report has revealed. The FIC report also indicates that law firms, were used in a number of cases to facilitate the receipt of questionable incoming funds, with receipts structured to avoid being detected. The report disclosed that Asian nationals were buying copper ore from small-scale miners on the Copperbelt, which they subsequently export to entities that were known to be shell companies or that are registered in tax havens. The FIC report warns that the practice may be encouraging criminality in the region. According to the report, another trend involved the use of cash in fraud detected through significant cash […]
