Zambia’s central bank calls for strong global cooperation to fight money laundering

money laundering
money laundering

Zambia’s central bank on Monday called for strong global cooperation to combat the problem of money laundering because of its negative impact on economies.

Rekha Mhango, Bank of Zambia (BoZ) deputy governor in charge of administration, said while efforts to fight money laundering and financing of terrorism by countries are underway, the vices will only be defeated through cooperation on a global level.

“Effective implementation of these efforts calls for cooperation, within and across jurisdictions, between players in the financial services sector, regulatory authorities and law enforcement agencies,” she said in remarks delivered at a workshop on combating money laundering jointly organized by the BoZ and the Macroeconomic and Financial Management Institute of Eastern and Southern Africa.

According to her, the meeting was timely because the world is facing serious threats from the acts of money laundering, financial terrorism and proliferation of mass destruction perpetrated by individuals or organized criminal syndicates and corporates.

She noted that these vices are threatening security, undermining the stability, transparency and efficiency of economic systems, and entrenching poverty and misery in societies.

She said countries have since come together under the umbrella of the Financial Action Task Force with the sole purpose of putting in place measures aimed at preventing, detecting, investigating, and prosecuting perpetrators.

The meeting, she added, will provide an overview of the fight against money laundering and improve the effectiveness of efforts to comply with international standards.

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