2001-12-07
Added · Updated
The Bank of Zambia directs all commercial banks to immediately report any suspected bank accounts or financial services held by individuals and organizations listed as terrorist entities, leaders, or affiliated NGOs. This directive, issued under Section 60(1)(e) of the Banking and Financial Services Act, aims to safeguard national financial stability by preventing the use of the banking system for terrorist financing. The circular provides specific schedules naming designated groups such as Al-Qaida and Usama bin Ladin, requiring institutions to cross-reference their records against these lists without delay.
7 December 2001
CB Circular: 30/2001
TO : ALL BANKS
Dear Madam/Sirs
The primary objective of the Bank of Zambia is to maintain price and financial systems stability. On this basis, the existence and maintenance of bank accounts belonging to terrorists cannot assist the country’s efforts to create stability in the financial system.
In this regard and in terms of Section 60 (1) (e) of the Banking and Financial Services Act as amended all banks are hereby directed to submit, without delay, to the Bank of Zambia information on any individual and organisation named in the attached list operating or suspected to be operating bank accounts or any other financial service with any bank or financial institution.
Yours sincerely
Abraham Mwenda (Dr)
DEPUTY GOVERNOR – OPERATIONS
Bank Square, Cairo Road, P.O Box 30080, Lusaka 10101, Zambia Tel: 260-1-226844, Fax: 260-1-237070, email: amwenda@boz.zm
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