Inter-Agency teamwork bears fruit as k289, 373 and USD 23,000 is forfeited to the state

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A joint effort by the Financial Intelligence Centre (FIC), Drug Enforcement Commission(DEC), the Zambia Police Service and the National Prosecution Authority (NPA) has ended in the seizure of K289,373 and USD 23,000 from Double Q Investments Limited.

This matter was initiated by the FIC, which quickly flagged suspicious transactions from Vietnam to the Company and its directors. The company failed to respond to queries relating to these transactions by FIC and in turn these issues were relayed to DEC for investigation.

The Police’s Interpol liaison led to the discovery that the monies were being transmitted by a Vietnamese national wanted by Interpol for financial crimes committed across various jurisdictions. The DEC swung into action and froze the company accounts pending court determination.

The NPA raised the matter in the Lusaka High Court claiming that the monies were proceeds of crime and should be forfeited to the State. The Company defended the case claiming the money was legitimate and should be retained by them.

The High Court ruled in favor of the NPA and the money is due to be remitted the government coffers as a result of this action, in line with the Public Finance Management Act.