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Zambia

Cabinet approves anti-money laundering and terrorism policy ~

Written by Brian Mually

The Council of Ministers approved the national policy to combat money laundering, financing of terrorism and its proliferation, and its implementation plan.

The government’s chief spokesperson, Choshi Kasanda, said the Cabinet’s decision was due to the spread of vices such as corruption, tax evasion, drug trafficking, theft and fraud.

Ms. KASANDA says that these vices if not controlled in a more coordinated manner by the government will negatively affect economic, political and social stability.

She adds that the cabinet’s approval is based on the fact that Zambia is a founding member of the Eastern and Southern African Anti-Money Laundering Community and hence compliance with the set criteria.

Ms. KASANDA also noted that the Cabinet believes that comprehensive implementation of the policy will enhance coordination among the various stakeholders to take targeted measures and allocate resources effectively in response to money laundering, terrorist financing and the spread of financing risks.

Ms. Kasanda, who is also the Minister of Information and Information, says that the Cabinet has also agreed to publish and submit to Parliament six bills with a view to amending them.

It says the bills include Income Tax Amendment Bill, Customs and Practice Amendment Bill, Value Added Tax Amendment Bill and Property Transfer Tax Amendment Bill.

Others are the draft law amending the pension system regulations and the draft law amending the development of mines and minerals.

This came in a statement provided to ZNBC News in Lusaka regarding the decisions of the 26th Cabinet meeting held at the Presidency House on Monday chaired by President Hakainde Hichilima.

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