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Alba Iulia
Wednesday, October 21, 2020

US$472.5 million of transferred funds suspected of fraud in Zambia

Economy US$472.5 million of transferred funds suspected of fraud in Zambia

Funds amounting to $472.5 million transferred from the United States to Zambia between 2007 and 2017 are suspected to be the proceeds of bank fraud.

This is according to revelations made this week by the International Consortium of Investigative Journalists (ICIJ).

The information, which cites leaked documents from FinCEN, the U.S-based Financial Crimes Enforcement Network, indicates that the bulk of these funds ($462.3 million) originated from Citigroup for accounts housed within the Zambian subsidiary of South African Standard Bank Group, Stanbic Bank Zambia.

Also, $11.4 million in payments made by Zambian banks to foreign correspondents are suspected of fraud.

In total, nearly $2 trillion in international financial transactions are suspected of fraud, involving several prominent Africans or their relatives.

For example, Jean-Pierre Bemba, a politician from the Democratic Republic of Congo, is cited in the report, as well as Lamine Diack, former president of the International Federation of Athletics convicted of corruption within the framework of a vast network involving Russians.

Isabel dos Santos, daughter of former Angolan president José Eduardo dos Santos, is also involved.

The wife of Atiku Abubakar, the former vice-president of Nigeria accused of corruption in the country and who has always denied the accusations, is also involved.

The case is discussed a lot in the USA, where the administration regularly gives itself the competence to judge financial transactions in violation of the laws and regulations in force.

It is therefore difficult to understand how nearly 200,000 cases of suspected fraud reported from banks have not been subject to proper procedures.

It was also discovered that several banks operating in the United States have violated the time limits for reporting suspected fraud.

Depending on the case, these institutions have between 30 and 60 days to report suspicious transactions.

But for several of the banks cited, the time limit for reporting is between 136 days and even 1,206 days.

FinCEN, which gathers all these data, issued a press release, clearing itself of having made these embarrassing documents available to ICIJ.

It invites U.S. justice to sanction the people who would make these revelations.

But in another document, the institution acknowledges that there is a need to review the procedures for fighting money laundering in the USA and launched a call for contributions to this effect.

The revelations have reopened the international debate on the need to strengthen the way financial crime is fought around the world.

In a joint statement, the Institute of International Finance (IIF) and Deloitte called for “a combination of regulatory reform, cultural change, and the deployment of new technologies to better counter the threats posed by illicit flows through the international financial system.”


  1. The Ministry of Finance, the Ministry of Home Affairs and relevant agencies hv every reason to issue a formal statement on this matter. It’s high time some highly-paid officials earned their pay.

  2. Mushota Welcome back, when did you come out of prison and how is spaka like lilo? Is he still serving his sentence.
    Just wish to inform you that we have another bachelor in the neighborhood by name of Kaiser Zulu, he has slept with more house wives in the hood than Nostra in just 5 months. Oh by the way ba LT the 475 million issue isn’t news atall, that’s pocket change kuli Mwankole HH

  3. When your leadership is seen to be corrupt theives the world over , infact lungu is the only leader in the world who does not deny that he is a corrupt theif, every one points to your country as a country of crooks and money lauderers…….

  4. I suspect KZ and Mushota are one… Why is it that Mushota went into oblivion when KZ was on HEAT …. and the picture on Mushota is not her real picture but that of a UK Soul funk lady artiste… By the way both MUSHOTA and KZ are both domiciled in the UK… What a coincidence…

  5. This is a group of people involved and it is likely or the chances are are very high for HH to be mentioned in this cartel,he is big don.

  6. A real shame.
    Also according to finCEN, FBI and CIA Zambia is now housing more laundromats than all Southern African countries combined.

  7. Mwanks you must be retarded. Why would you think I am that skinny ugly looking girl called mushota. I am a busy man and cannot comment all the time. Elections are close and I get busy during election times. Grow up

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