FIC Report reveals 100 firms’ unusually high $2.5bn cash deposits
Published On July 10, 2024 » 450 Views» By Times Reporter » Latest News
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THE Financial Intelligence Centre (FIC) has disclosed that its analysis of Suspicious Transaction Reports (STRs) involving more than 100 companies revealed that their large cash deposits at various local commercial banks were inconsistent with their known profile.
The STRs and Currency Transaction Reports analysed revealed unusually high cash deposits of up to US$2.5 billion into corporate bank accounts that were not supported by an underlying revenue generating activity.
According to the 9th Money Laundering and Terrorism Financing Trends Report of 2023, the analysis revealed that a majority of those companies had Zambian nationals registered as shareholders and beneficial owners but were actually used as “strawmen” as the real beneficial owners were foreigners.

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