LATEST EAZ REPORT REVEALS GROWING CHALLENGE IN MANAGEMENT OF ASSETS FORFEITED TO THE STATE

 A latest report by the Economics Association of Zambia -EAZ-on Asset Recovery Study in Zambia for the past 10, has revealed a growing challenge in Zambia in the management and preservation of assets recovered through the fight against financial crimes, including issues related to money laundering, corruption, and other crimes.

Presenting the report in Lusaka today, Consultant John Banda said Zambia must establish an asset management office that will be responsible for managing assets seized or forfeited to the state.

Mr. Banda has also stressed the need for the Ministry of Finance to expedite the disposal process of forfeited assets in order to retain some value and also consider spending percentage of the forfeited assets to social programs such as the social cash transfer.

And commenting on the report, EAZ President Isaac Ngoma says despite notable positive efforts by law enforcement agencies, the current systems in place exhibit shortcomings in terms of capacity, efficiency and inter-agency coordination.

Mr. Ngoma has since recommended the need for Zambia to strengthen the current legal framework on the management of forfeited assets.

PHOENIX NEWS