FIC exposes K60BN illicit transactions
UP to about K61 billion in illicit financial flows, including tax evasion, have so far been reported in the first quarter of the 2024 by the Financial Intelligence Centre (FIC), revealing.
The K60 billion exposé comes at the heels of the fourth quarter of 2023, barely six months ago in which the FIC suspected IFF`s report revealed that Zambia had lost US$2.8 billion (ZMW56.5 billion).
And now, within the first quarter of 2024, tax evasion and illicit financial flows are not slowing down and the country is now recording a K60 billion loss in fraudulent financial activities mostly conducted by foreigners.