FINANCIAL irregularities such as money laundering will be greatly reduced once the Financial Intelligence Centre (FIC) Amendment Bill is enacted, says Bankers Association of Zambia (BAZ) chairman Clergy Simatyaba.
He said this yesterday when he made submissions to the Economic Affairs, Energy and Labour Parliamentary Committee.
Mr Simatyaba said the new amendments when enacted would help facilitate an exchange of information between the centre and local and international law enforcement agencies.
He said the proposed amendments were meant to ensure that all reporting entities operated within the terms and conditions stipulated in the Act.
“On behalf of BAZ the ramifications of the Financial Intelligence Centre Act, Number 27 of 2015, are meant to enhance the autonomy, powers and functions of the centre.
“Financial institutions will have commonality in understanding and interpretations of the terms used in the reporting process,” Mr Simatyaba said.
He said the amendments would enhance the supervisory and inspection powers of the centre which would make it easier to inspect institutions with the existence of a legal framework.
Among the proposed amendments are: inserted provisions to ensure compliance with the provisions of the law by enhancing powers of the inspector and powers to arrest.
This clause seeks to give powers to inspectors to arrest a person without warrant where they believe a person has committed an offence or is about to commit an offence.
The Bill, when enacted, will make Zambia compliant with the acceptable global standards against money laundering and other illegal financial schemes including terrorist funding.