Zambia records 36 percent increase in economic crimes

Zambia has recorded a 36 percent increase in economic crimes over a two-year period and now ranks third in the world, according to the 2016 Global Economic Crime Survey launched here on Tuesday.

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PriceWaterhouseCoopers
PriceWaterhouseCoopers

According to the survey findings released by PricewaterhouseCoopers, top managers of institutions have been cited as the immediate perpetrators of the crime and attribute the increase in economic crimes to factors such as bureaucracy and employees taking advantage of the long processes to divert funds for personal gain.

PriceWaterhouseCoopers
PriceWaterhouseCoopers
PricewaterhouseCoopers country senior partner Nasir Ali said during the launch of the report that 60 percent of the crimes reported were committed by top management in institutions, adding that the current economic challenges faced by the country had caused economic crimes to flourish.

Accounting fraud has also been cited as one of the major crimes in the survey with financial institutions ranking highest on the list of victims, he added.

The report has further indicated that technological advancements was making it difficult to detect crimes in workplaces hence the need for institutions to tighten internal audit measures to stop the vices.

“There is need for government to build the capacity of law enforcement agencies, to equip them with skills and knowledge for them to successfully handle cases that are reported,” he said. Enditem

Source: Xinhua

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