FIC Report Shows Gains in Government Fight Against Financial Crime

A new report shows significant progress under President Hichilema's anti-corruption drive.

The Financial Intelligence Centre has this morning published its 2024 trends report showing substantial progress in combating financial crime, with new data showing a marked decline in public sector corruption cases and billions recovered in tax assessments and asset forfeitures.

Responding to the findings, Home Affairs and Internal Security Minister Jack J. Mwiimbu credited President Hichilema's leadership for the improvements. "President Hichilema's unwavering commitment to stamp out corruption is bearing fruit," he said. "These results show we are making progress in the war against financial crime, ensuring Zambia's economy can thrive based on integrity and accountability."

The findings, contained in the 10th edition of the Financial Intelligence Centre (FIC) report released this week, come as President Hakainde Hichilema's administration intensifies its anti-corruption campaign launched after taking office in 2021.

The report reveals dramatic improvements in tax collection efforts. Working alongside the Zambia Revenue Authority (ZRA), authorities achieved tax assessments totalling 28.9 billion kwacha in 2024, representing a massive increase from just 1.2 billion kwacha the previous year.

These assessments, which include principal tax amounts, interest and penalties, underscore the government's enhanced capacity to track and recover lost revenue, though officials note the figures remain subject to actual collection.

The Law Enforcement Directorate has secured significant asset recoveries through both conviction and non-conviction based forfeitures. The agency recovered properties valued at $2.5 million and 70 million kwacha, alongside frozen bank accounts containing 1.5 million kwacha and $24 million.

Authorities are grappling with new challenges in the digital sphere. The FIC report highlights growing concerns over cyber fraud, regulatory evasions and illicit fund transfers conducted through prepaid branded cards. Of particular concern are illicit financial flows linked to illegal mining and timber logging operations, as well as sophisticated cybercrimes involving foreign actors. During the review period, the centre detected suspected illicit financial flows worth $3.5 billion, primarily involving multinational enterprises.

The report also proves enhanced financial oversight mechanisms are yielding results. Suspicious Transaction Reports fell by 12.74%, dropping from 10,293 in 2024 to 8,981 in 2025, indicating more effective monitoring systems.

The government says it will continue working with the FIC, ZRA, Law Enforcement Directorate and other stakeholders to strengthen regulatory frameworks protecting the nation's financial system.