UNITED STATES HAS UNDERSCORED THE IMPORTANCE OF SERIOUSLY INVESTIGATING FINANCIAL FRAUD

UNITED STATES AMBASSADOR TO ZAMBIA MARK STORELLA HAS UNDERSCORED THE IMPORTANCE OF SERIOUSLY INVESTIGATING FINANCIAL FRAUD AND RELATED CRIMES BECAUSE OF THEIR NEGATIVE IMPACT ON TODAY’S GLOBAL ECONOMY.

MR. STORELLA SAID CYBER-THEFT, IDENTITY FRAUD, COUNTERFEITING AND MONEY LAUNDERING SHOULD BE INVESTIGATED AND STOPPED BECAUSE OF THEIR EFFECT ON THE GLOBAL ECONOMY.

HE WAS SPEAKING IN A SPEECH READ FOR HIM BY US EMBASSY REGIONAL SECURITY OFFICER GREGORY GRAY AT THE MINI GRADUATION CEREMONY OF 32 STUDENTS IN FINANCIAL CRIME INVESTIGATIONS HELD AT THE NATIONAL INSTITUTE OF PUBLIC ADMINISTRATION (NIPA) IN LUSAKA TODAY.

MR. STORELLA SAID ADVANCES IN TECHNOLOGY AND CONVENIENCES OF MODERN LIFE HAVE PROVEN TO BE PERPETRATORS OF THESE CRIMES.

HE POINTED OUT THAT THESE CRIMES HAVE NO GEOGRAPHICAL OR SOCIO-ECONOMIC BOUNDARIES ADDING THAT MANY FINANCIAL CRIMES WERE USED TO FUND TRANSNATIONAL TERRORISM AND TO SUSTAIN EMPIRES OF CRIMINAL ORGANISATIONS GLOBALLY.

MR. STORELLA NOTED THAT THERE WAS SERIOUS NEED FOR THE LAW ENFORCEMENT COMMUNITY TO DEVISE FINANCIAL CRIME INVESTIGATION COURSES IN ORDER TO COMBAT THIS WORLDWIDE VICE.

HE EXPRESSED CONFIDENCE THAT THE TRAINING COURSE WHICH THE STUDENTS UNDERWENT HAD PREPARED THEM TO ASSIST IN COMBATING FINANCIAL CRIMES IN THE COUNTRY.

AND SPEAKING AT THE SAME EVENT, NIPA EXECUTIVE DIRECTOR ANSWELL SAKA STATED THAT THE WORLD ECONOMIES WERE BEING DEVASTATED BY FINANCIAL CRIMES WHICH HAVE UNDERMINED MATERIAL ECONOMIC AND DEVELOPMENT AGENDAS OF MANY COUNTRIES.

MR. SAKA ALSO SAID ZAMBIA HAS NEVER BEEN SPARED FROM THE WORLDWIDE EFFECTS OF TRANSNATIONAL ORGANISED FINANCIAL CRIMES STATING THAT IT WAS FOR THIS REASON THAT AS A NATIONAL AND CENTRALISED MANPOWER TRAINING PROVIDER, NIPA HAD TAKEN THE CHALLENGE ON BEHALF OF GOVERNMENT TO TRAIN FUNDAMENTAL ROLE PLAYERS IN THE FIGHT AGAINST FINANCIAL CRIMES.

AND HEAD OF LEGAL STUDIES DEPARTMENT AND COURSE DIRECTOR RAPHAEL MUNGOLE SAID ORGANISED FINANCIAL CRIME GANGS WERE INCREASINGLY OPERATING AS FAMILY CARTELS.

MR. MUNGOLE, WHO IS ALSO FORMER DRUG ENFORCEMENT COMMISSION (DEC) COMMISSIONER OBSERVED THAT CHILDREN, WIVES AND CLOSE ASSOCIATES WERE INVOLVED IN PERPETUATING.

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