The Government of the Republic of Zambia in 2010 established the Financial Intelligence Centre (FIC) as a body corporate through the enactment of the Financial Intelligence Centre (FIC) Act No. 46 of 2010. This is as required by the Financial Action Task Force (FATF) for all member countries globally to establish Financial Intelligence Units (FIUs) to assist in the fight against money laundering, terrorism financing, proliferation financing and other financial crimes. 

The FATF, a global standard setter, is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorism financing, proliferation financing and other financial crimes.  These standards are known as FATF Recommendations which countries are mandated to domesticate and implement a coordinated global response to combating financial crimes.   Noncompliance with these standards may come with negative consequences on the country.

FATF Recommendation 29 requires countries to establish a financial Intelligence Unit (FIU) that serves as a national Centre for the receipt and analysis of suspicious transaction reports, other information relevant to ML/TF/PF and the dissemination of the results of that analysis to competent authorities for investigation and prosecution. Further, Recommendation 29 requires countries to conduct strategic analysis. Strategic analysis involves usage of strategic information, including data that may be provided by different stakeholders, to identify money laundering, terrorist financing, proliferation financing related trends and patterns. In addition, strategic analysis is considered to be analysis where the FIC considers multiple sources of Information to identify trends, typologies, patterns, detect new developments and assess new money laundering, terrorist financing and proliferation financing risks. Strategic analysis considers information over a period of time e.g. one year.

The full article can be downloaded from the link below.

Attachments:

FIC Strategic Analysis May 2025

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