Money laundering in Zambia. The challenges of money laundering in unregulated sectors of Zambia

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Kancheya, Phil.Morgan
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Money Laundering manifests itself in various forms, at different levels and in different sectors of society. There is money laundering in the civil service largely manifesting itself in financial irregularities in the Auditor General's reports and misappropriation of Donor funds. There is money laundering in the private sectors especially in the unshackled sectors like the church and the informal sectors. This essay focuses on money laundering in the unregulated sectors from a legal perspective. It aims to provide an understanding of money laundering in the Churches and the informal sector, causes and the efficacy of the strategies for its control. The essay discredits the simplistic traditional approach of money laundering that limits its definition to a simple crime that occurs at three stages; namely, placement, layering and integration. In this regard, the essay looks at other predicate offences that are associated with money laundering such as drug trafficking, human trafficking and corruption. The essay also identifies weaknesses in the legal framework pertaining to the powers of the Anti - Money Laundering Investigation Unit of the Ami - Money Laundering Authority and the shortcomings of the Administrative Financial Intelligence Units (Supervisory Authorities), in the fight against the money laundering graft. Finally, the essay acknowledges that it would be unrealistic to expect a complete eradication of money laundering in the Zambian society. However, the essay makes suggestions of how money laundering in the unshackled sectors can be controlled from a legal and broader perspective.
Money Laundering , Commercial Crimes