PRESS RELEASE BY THE LAW ASSOCIATION OF ZAMBIA

ALLEGED INVOLVEMENT OF LAWYERS IN FRAUDULENT ACTIVITIES AS REPORTED IN THE FINANCIAL INTELLIGENCE CENTRE TRENDS REPORT

The Law Association of Zambia (LAZ) has noted, with concern, the Financial Intelligence Centre (FIC) 2021 Money Laundering and Terrorist Financing Trends Report, which implicates some law firms in money laundering and fraudulent activities.

LAZ observes that the purpose of the said report, as the report itself states, is to further the FIC’s mandate to conduct strategic analysis to identify trends and patterns relating to Money Laundering, Terrorism and Proliferation Financing or any other offence. Whilst the Report does not entail that those named are already guilty, LAZ does not condone criminal activities by any of its members, and remains committed to ensuring that the legal profession continues to play its critical role of advancing societal interests.

LAZ is a designated supervisory authority over law firms in anti-money laundering matters as provided by Section 2 of the Financial Intelligence Centre (Amendment) [No. 16 of 2020], with power to mete out appropriate sanctions.

As a designated authority, LAZ will co-operate with the FIC and other stakeholders to ensure that the matters highlighted in the Trends Report touching on the legal profession are thoroughly investigated, and appropriate sanctions meted out, where wrongdoing is proved. The legal profession will play its role to enhance compliance of anti-money laundering legislation by its members.

Dated this 26th day of June, 2022.

Sokwani Peter Chilembo – HONORARY SECRETARY