ZRA losing billions of Kwacha to fraud, money laundering

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THE Zambia Revenue Authority(ZRA) is losing billions of Kwacha in fraud and money laundering activities. ZRA is planning to develop a fraud risk management framework or policy to effectively identify and manage the risks consistent with all regulatory requirements.
ZRA commissioner general Wisdom Nhekairo said ZRA has not been spared from incidents of internal and external fraud and money laundering. He said cases of tax evasion, smuggling, and forgery, falsification of documents and abuse of tax rebates, theft, bribery and corruption have continued to undermine ZRA’s efforts to maximise revenue collection.
He was speaking at a ZRA workshop on fraud and money laundering in Lusaka yesterday.
Mr Nhekairo said developing the framework will provide its employees with tools and knowledge to effectively identify and manage the risks in a way consistent with all regulatory requirements.

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