Urges private sector to remain an active partner in detecting, reporting suspicious transactions
PHILIP CHISALU
Chilanga
ATTORNEY General Mulilo Kabesha has called for stronger public-private partnerships (PPPs) in the fight against money laundering, terrorism financing, illicit financial flows and other financial and economic crimes.
Mr Kabesha said the fight against financial crimes, particularly in the mineral sector, requires a whole-of-society approach anchored on effective collaboration between Government and the private sector.
He was speaking during the launch of the inaugural Public-Private Sector Dialogue (PPSD) Forum on anti-money laundering, countering the financing of terrorism and countering the financing of proliferation.
Held under the theme “Securing Zambia’s mineral wealth: Strengthening public-private partnerships against financial and economic crimes”, the forum is aimed at strengthening collaboration between stakeholders in identifying financial risks, reporting suspicious activities and addressing illicit financial flows.
Mr Kabesha urged the private sector to remain an active partner in detecting and reporting suspicious transactions while promoting a culture of accountability.
He also called for stronger coordination among public institutions to combat fraudsters, money launderers and cybercriminals who are increasingly using technology and artificial intelligence to move and conceal illicit funds.
Mr Kabesha said public-private partnerships in anti-money laundering and countering the financing of terrorism provide a structured platform for two-way information sharing.
He said the arrangement would enable stakeholders to exchange information on emerging risks, criminal typologies, trends and practical solutions.
Mr Kabesha further encouraged the private sector not to regard compliance with anti-money laundering, counter-terrorism financing and counter-proliferation financing requirements merely as a regulatory obligation.
Instead, he said compliance should be viewed as a strategic investment in protecting the integrity and long-term sustainability of the economy.
“By appropriately sharing and analysing data, we can uncover emerging threats and take decisive and timely action,” Mr Kabesha said.
He also stressed the need to safeguard Zambia’s mineral resources from exploitation and illicit exportation, saying the country’s mineral wealth must be exploited for the benefit of Zambians.
Mr Kabesha said rising global demand for critical minerals used in electric vehicles, renewable energy technologies, digital infrastructure and advanced manufacturing present Zambia with an opportunity to benefit from emerging global economic trends.
“The world is entering a new era characterised by increased demand for critical minerals that power electric vehicles, renewable energy technologies, digital infrastructure and advanced manufacturing. Zambia is uniquely positioned to benefit from these global trends,” he said.
Earlier, Financial Intelligence Centre director general Clement Kapalu described the launch as an important milestone in strengthening cooperation between the public and private sectors.
Mr Kapalu said the success of the initiative would ultimately depend on stakeholders’ collective commitment to transforming information into intelligence and intelligence into action
