By Ruth Chayinda:
The latest Money Laundering and Terrorist Financing Trends report has revealed that proceeds of crime used to acquire property led to price distortions in the real estate market.
The 2021 report launched by the Financial Intelligence Centre -FIC- yesterday shows that some Prominent Influential Persons bought high value properties using funds suspected to be proceeds of corrupt activities.
The report states that some individuals made cash payment in excess of seven million kwacha towards acquisition of property with a purchase consideration in excess of 11 million kwacha.
The Report indicates that the money was kept at the home of the purchaser .
The FIC report also reveals that some Zambians were made to register businesses and open bank accounts by foreign nationals to externalize funds .