Newly elected Zambian President, Hakainde Hichilema, today warned those hoarding cash for illicit purposes that his government will descend heavily upon them.
Writing on his Facebook Page, Hichilema said:
It is my considered view that with the shortage of cash being reported by the Bank of Zambia, they, working with the Minister of Finance, should come up with a mechanism to further reduce cash transactions.
This will serve two purposes; firstly safety from being robbed of cash and secondly tracing where money is going to avoid illicit money flows that are being reported by the Financial Intelligence Centre (FIC).
The New Dawn Government will not tolerate corruption, money laundering and other illicit financial transactions.
President of the Republic of Zambia
Zambia has been experiencing cash shortages around the country as citizens fear that Hichilema’s investigations will result in them losing their money, most of which is a result of undeclared activities, for which no tax was paid.