Saturday, December 08, 2012

DEC warns against financial crime during rebasing

DEC warns against financial crime during rebasing
By Henry Sinyangwe
Sat 08 Dec. 2012, 10:00 CAT

THE Drug Enforcement Commission has warned people against taking advantage of the rebased currency to commit financial crimes. During a sensitisation workshop for DEC officers on the features of the existing and rebased currency conducted by the Bank of Zambia yesterday, deputy commissioner Lottie Mpundu said it was important for the officers to understand the features clearly to prevent counterfeiting.

"It is gratifying to note that the purpose of this workshop is to give an opportunity to DEC officers to have a deeper understanding of the security features of the Zambian currency so that we can prevent and investigate financial crimes effectively during and after the rebasing exercise," Mpundu said. He commended the Bank of Zambia for being proactive and involving various stakeholders in the rebasing exercise.

"It is our position that at the end of this workshop both Bank of Zambia and DEC will come up with workable suggestions on how to tackle financial crimes in particular currency counterfeiting and money laundering," Mpundu said.

He said the commission would pursue financial crime vigorously.

"Let me take this opportunity to give a timely warning to those who might take advantage of the rebasing exercise to commit crimes," said Mpundu.

"The Commission will pursue them vigorously and ensure that their activities are curtailed in line with the law. We shall use all available means within the law to prevent, investigate and prosecute financial crimes."

Last week, Director of Public Prosecutions Mutembo Nchito challenged prosecutors and investigators to fight financial crime and prevent its negative impact on the country's economy.

He said in an interview after witnessing the graduation of 22 prosecutors and investigators at Zambia Institute of Advanced Legal Education (ZIALE) that all crime should be fought with resolve.
Nchito observed that the country was at a stage when there was increased financial crime which posed threats to the economy.
He said financial crime should be addressed because it destroyed the lives of many citizens.

"If we do not, it means you do not collect sufficient taxes, we are not able to have sufficient revenue for the government and if the government does not have sufficient revenue, it cannot provide resources," said Nchito.

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