The Financial Intelligence Centre (FIC) has released the 6th Money Laundering and Terrorism Financing Trends Report.
According to FIC Director General Mary Chirwa, the Centre received a total of 790 reports comprising of 748 Suspicious Transaction Reports (STRs) and 42 Spontaneous Disclosure Reports (SDRs). This compares to 799 reports received in 2018.
In addition, the Centre received a total of 149,625 Currency Transaction Reports (CTRs) in the year 2019 compared to 75,592 CTRs received in 2018. This represents a 98 percent increase in the number of CTRs filed with the Centre.
The 2019 Trends Report has highlighted pertinent recommendations that require adoption and implementation by Law Enforcement Agencies and other stakeholders. It is our considered view that in order to effectively fight money laundering and other financial crimes, stakeholders in the value chain should collaborate in the exchange of information, investigations, prosecutions and forfeiture of proceeds of crime.