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Financial Intelligence Authority investigates 500 cases in 2022

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The Financial Intelligence Authority (FIA) has investigated over 500 financial crimes-related cases in 2022 alone.

FIA Compliance and Public Relations Manager Masautso Ebere said this on Thursday during a live radio programme on Times Radio where the authority engaged the public on their mandate and dictates on money laundering.

He said the authority is working with other institutions including the Police, the Anti- Corruption Bureau, National Audit Office.

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“We are coming from a situation where people did not understand what money laundering was and when they were prosecuted, for example for corruption, money laundering charges would be dropped just like that,” Ebere said.

FIA Director, Legal and Corporate Services Edwin Ntonga said that money laundering involves disguising financial assets.

He said the act is against Section 42 of the Financial Crimes Act.

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“The penalties for money laundering apply to both a natural person and a legal person. The maximum penalty for a natural person is life imprisonment while that for a legal person is K500 million and revocation of a business license,” Ntonga said.

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