ZAMBIA · FINANCIAL CRIME
Key Facts
- —The country Zambia, in southern Africa, is a major copper producer with its capital in Lusaka.
- —What happened Zambia’s financial watchdog described a suspected cross-border money laundering scheme in its 2025 trends report.
- —The money One firm’s accounts took in over K222 million (about US$11 million) plus US$5.7 million in three months.
- —The method Firms posing as transport, soft-drink and business-support companies moved money through payment providers.
- —Status The case went to police and other agencies; no one has been charged or named.
Zambia money laundering is back in focus after the state watchdog described a scheme worth K222 million (about US$11 million) plus US$5.7 million. The Financial Intelligence Centre (FIC), which tracks suspicious money, set out the case in its 11th Money Laundering Trends Report for 2025.
For investors in a major copper producer, the case shows how dirty money can slip through payment firms rather than banks. Our earlier report on the October inflation rise gives the wider economic picture.
In Plain English, Who Is Who
The Financial Intelligence Centre (FIC) is Zambia’s agency that receives reports of suspicious bank transactions and passes them to investigators. Its Director General is Clement Kapalu.
Money laundering means disguising money from crime or tax evasion so it looks legitimate. A payment service provider is a licensed firm that moves money for customers, such as a mobile wallet or a remittance company.
What the Zambia Money Laundering Report Says
The FIC calls the case study “abuse of payment service providers” and names no company or person. It labels the firms Company A to E, and the inquiry began with Company A, a money remittance firm with busy accounts at three banks.
Company A’s accounts showed rapid movement of money with little real business behind it. Large cash deposits, some made by foreign nationals for third parties, quickly became transfers to Asia, West Africa and the western hemisphere.
Many of those transfers were described as “equipment purchase”. Between June 2024 and August 2025 the accounts of Company A took in K85 million (about US$4.2 million) and US$21 million.
How K222 Million and US$5.7 Million Fit Together
The K222 million and the US$5.7 million are two separate sums, credited to Company B within three months. At 20.25 kwacha to the dollar on 2 November 2026, that is US$11 million, so the Zambia money laundering total is about US$16.7 million.
A figure of “over K300 million” fits only if the dollars are converted into kwacha, which at the 2 November rate gives roughly K337 million. The FIC gives no combined total, so the exact kwacha value over the three months is not established.
Company B was registered as a “business support services” provider, and the FIC says two West African nationals were its ultimate owners. It was not a licensed payment firm, yet the watchdog says it effectively facilitated payments, with money flowing out to several regions including East Africa.
The Network Around Company B
Company C, a licensed payment provider, received transfers tied to the first firm. It moved over K21 million (about US$1 million) from an unlicensed provider, Company X, to Company B.
Company D, described as a transport support firm, handled over K130 million (about US$6.4 million) and US$9 million. The FIC says some of its money came from a betting company and was passed on as “intercompany transfers”.
Company E, presented as a soft-drinks maker, sent similar funds through a bank to Company B and to firms in West Africa. Zambia money laundering of this kind is hard to spot because each firm looks ordinary on its own.
Of the three firms meant to be payment service providers, only Company C was properly registered. Only Companies B and C were registered for tax, and the FIC referred the matter to law enforcement agencies for investigation.
A Second Case With Similar Signs
The same Zambia money laundering report describes Company AX, a money-remittance firm licensed since 2023. Between March 2024 and November 2025 its accounts took in about K87 million (about US$4.3 million) and US$20.6 million.
The FIC says cash deposits by third parties linked to suspected currency smuggling and illegal mining drove those flows. That case was passed to a law enforcement agency, and investigations are continuing.
The Bigger Picture for 2025
The FIC says Zambia money laundering and other illicit financial flows reached an estimated US$1.8 billion in 2025, down from US$3.5 billion in 2024. It credits government measures, including an advance income tax on remittances that raised K485.1 million (about US$24 million).
Banks sent the FIC 6,136 suspicious transaction reports in 2025, 31.7% fewer than the 8,981 in 2024. The FIC passed 786 intelligence reports to investigators, of which 580 concerned suspected tax crimes and 192 suspected money laundering.
The Zambia Revenue Authority, the tax agency, made tax assessments above K12.5 billion (about US$617 million). Eight convictions led to the forfeiture of assets worth US$3.3 million.
Why Investors and Banks Should Care
Zambia faces a mutual evaluation in 2027, a peer review of its anti-laundering rules linked to the global Financial Action Task Force (FATF). The FIC warns that a poor result could bring closer monitoring and limit access to international financial services.
Our report on Ivory Coast leaving the FATF grey list shows what is at stake for a country’s banks and borrowers. For background on the economy and its players, read our guides to Zambia’s economy and Zambia’s politics.
What It Means for US Readers
US banks and funds that deal with Zambian mining or payment firms face more compliance work when Zambia money laundering cases involve payment providers. Dollars feature heavily here, with US$5.7 million, US$9 million and US$21 million in the accounts.
A poor 2027 evaluation could raise costs for dollar payments to and from Zambia, which matters for mining investors and bondholders. Our guides to foreign powers and investors in Zambia and Zambia’s geopolitics give more context.
What Is Not Known
The FIC names no companies or people, and it does not say when the three months of Company B’s activity took place. No charges have been announced, and the report says only that the matter was referred for investigation.
It is also not known how much of the money was criminal, since the FIC calls the activity suspected. The report does not say whether banks face sanctions, or whether funds reached the countries named.
More: Zambia news in English, every day from The Rio Times.
Frequently Asked Questions
How much money was involved in Zambia money laundering case?
The FIC says one firm’s accounts took in over K222 million (about US$11 million) and US$5.7 million in three months. Together that is about US$16.7 million.
Is the figure K222 million or K300 million?
The FIC gives K222 million plus US$5.7 million, in two currencies. Converting the dollars into kwacha gives roughly K337 million, but the FIC states no combined total.
Who is behind the scheme?
The FIC names no one and calls the firms Company A to E. Two West African nationals owned the firm that took in the money.
Has anyone been charged?
No charges have been announced. The FIC referred the matter to law enforcement agencies for investigation.
Why does it matter outside Zambia?
Zambia faces a 2027 anti-money-laundering review, and a poor result could limit its access to international financial services. That affects banks, miners and bondholders.
Sources: Financial Intelligence Centre of Zambia: The 11th Money Laundering Trends Report 2025 (Case Study 8, Director General’s message), 2025 report, accessed 2 November 2026; Financial Intelligence Centre of Zambia: publications page, 2 November 2026.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error