BREAKFAST MEETING ON IMPLICATIONS OF FINANCIAL CRIMES ON POVERTY AND INEQUALITY
The Zambia Tax Platform (ZTP) will be hosting a breakfast meeting focusing on the implications of Financial Crimes on Poverty and Inequality in Zambia. ZTP is a multi-stakeholder group that provides critical analysis on Zambia’s tax policy and administration and promotes sustained advocacy on improving public finance management, enhancing fiscal justice and efficiency in the use of public resources.
ZTP notes that a strong financial system is key for development in any country. Over the years however, financial crimes including those bordering on illicit financial flows and suspected proceeds of crime have continued to be cited in many reports as deterrents of economic prosperity for Zambia. In the last Financial Intelligence Centre (FIC) trends report, it was revealed that 101 suspicious transition were analyzed and reported by the centre. There was also a significant increase in the value of suspicious cash withdrawals (from ZMW3 million to ZMW25 million) and deposits (from ZMW103 million to ZMW534 million) from 2018 to 2019 respectively.
Fighting financial crimes is not an easy task especially in light of financial constraints and inadequate skills to tackle the problems. Nonetheless, the observed trends undoubtedly affect everyone and the economy as a whole. There is thus need to continue sensitizing people on the adverse effects that financial crimes bring.