FIC exposes K13.58bn illicit dealings

There has been an increase of up to 133 percent in illicit financial activities, including money laundering, corruption and tax evasion with a resultant value increase of up to almost K14 billion from almost K6 billion, the latest Financial Intelligence Centre (FCI) has revealed.

According to the FIC the 9th Money Laundering and Terrorism Financing Trends Report 2023, illicit financial activities among which are corruption, money laundering and tax evasion have hit an astronomical 133 percent in the last one and half years.

Clement Kapalu, the Director General of FIC in his message as recorded in the ninth money laundering and terrorism financing trends report 2023 says the report was released in consistence with previous years.

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