{"id":56296,"date":"2024-01-19T21:39:08","date_gmt":"2024-01-19T21:39:08","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/?p=56296"},"modified":"2024-01-19T08:48:12","modified_gmt":"2024-01-19T08:48:12","slug":"over-us-8-billion-was-lost-in-illicit-financial-flows-between-2010-2012-boz","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/over-us-8-billion-was-lost-in-illicit-financial-flows-between-2010-2012-boz","title":{"rendered":"Over US$ 8 billion was lost in Illicit financial flows between 2010-2012 -BoZ"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>The Bank of Zambia has disclosed that the country between 2010 and 2012 recorded an estimated US$ 8.8 billion through illicit financial flows from goods that left Zambia before the establishment of trade laws.<\/p>\n

These statistics were recorded in the Global Financial Integrity which indicated that the illicit financial flows were resulting largely from the extractive industry, tax evasion, abusive transfer pricing and environmental crimes.<\/p>\n

Speaking during her presentation at the 17th BOZ media seminar in Siavonga, BOZ Assistant Director for Data Management Angela Chileshe disclosed that the Bank working together with the Zambia Revenue Authority have formulated laws that compel exporters to abide by trade laws.<\/p>\n

Ms. Chileshe explained that the formulation of a computerized customs system that was established in 2019 by the United Nations Conference on Trade and Development (UNCTAD) now allows exporters to handle manifest and customs declarations, accounting procedures, transit and suspense procedures.<\/p>\n

Ms. Chileshe stated that the computerized system which is called the ASYCUDAWORLD is web-based and can be used to process and store trade data transactions which is currently being used in over 70 countries, Zambia inclusive.<\/p>\n

Meanwhile in an interview with ZANIS, Zambia Revenue Authority (ZRA) Acting Director Executive support Laban Simbeye clarified that before 2019, the country had not put-up laws that compelled exporters to certain trade requirements, hence when goods exist the country, due to various varying documentation they were labeled as illegal hence the report by the Global Financial Integrity.<\/p>\n

Mr. Simbeye explained that due varying documentation in different countries, some goods that were exported between 2012-2010 were deemed illegal because of the mismatch of trade requirements.<\/p>\n

He however noted that the country will record success after the establishment of the computerized system as exporters adhere to the process and all the money earned will be legitimate.<\/p>\n

\u201cThis system will shine a light to all those that do not abide to the trade laws and hence Zambia will not be seen as a conduit of illegal financial flows,\u201d he said.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. The Bank of Zambia has disclosed that the country between 2010 and 2012 recorded an estimated US$ 8.8 billion through illicit financial flows from goods that left Zambia before the establishment of trade laws. These statistics were recorded in the Global Financial Integrity which indicated that the illicit financial flows were resulting […]<\/p>\n","protected":false},"author":84,"featured_media":56295,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,248],"tags":[234,235,233],"class_list":["post-56296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-to-homepage","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nOver US$ 8 billion was lost in Illicit financial flows between 2010-2012 -BoZ - Zambia<\/title>\n<meta name=\"description\" content=\"The Bank of Zambia has disclosed that the country between 2010 and 2012 recorded an estimated US$ 8.8 billion through il ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/over-us-8-billion-was-lost-in-illicit-financial-flows-between-2010-2012-boz\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Over US$ 8 billion was lost in Illicit financial flows between 2010-2012 -BoZ\" \/>\n<meta property=\"og:description\" content=\"The Bank of Zambia has disclosed that the country between 2010 and 2012 recorded an estimated US$ 8.8 billion through il ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/over-us-8-billion-was-lost-in-illicit-financial-flows-between-2010-2012-boz\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-19T21:39:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2024\/01\/sm_1705641324.056516.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"562\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/over-us-8-billion-was-lost-in-illicit-financial-flows-between-2010-2012-boz#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/over-us-8-billion-was-lost-in-illicit-financial-flows-between-2010-2012-boz\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Over US$ 8 billion was lost in Illicit financial flows between 2010-2012 -BoZ\",\"datePublished\":\"2024-01-19T21:39:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/over-us-8-billion-was-lost-in-illicit-financial-flows-between-2010-2012-boz\"},\"wordCount\":349,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/over-us-8-billion-was-lost-in-illicit-financial-flows-between-2010-2012-boz#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2024\/01\/sm_1705641324.056516.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/over-us-8-billion-was-lost-in-illicit-financial-flows-between-2010-2012-boz#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/over-us-8-billion-was-lost-in-illicit-financial-flows-between-2010-2012-boz\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/over-us-8-billion-was-lost-in-illicit-financial-flows-between-2010-2012-boz\",\"name\":\"Over US$ 8 billion was lost in Illicit financial flows between 2010-2012 -BoZ - 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