Regulatory Alerts2005-06-10
Prohibition and Prevention of Money Laundering Act, 2001
Enacted by the Parliament of Zambia in 2001, this legislation establishes a comprehensive legal framework to prohibit, prevent, and combat money laundering activities within the country. The Act constitutes the Anti-Money Laundering Authority and the Anti-Money Laundering Investigations Unit to direct policy and conduct prosecutions, while mandating regulated institutions and supervisory authorities to maintain transaction records, report suspicious activities, and implement compliance training. It empowers authorized officers to arrest, search, and seize assets, establishes strict criminal penalties and asset forfeiture provisions for proceeds of crime, and facilitates international cooperation to ensure illicit wealth is confiscated by the State.