This report sets out Zambia’s progress in strengthening anti-money laundering and counter terrorist financing measures since its 2019 assessment.
Since its 2019 mutual evaluation, Zambia has made progress in addressing deficiencies. Overall, Zambia has made progress in addressing deficiencies in technical compliance identified in its MER to justify re-rating of Recommendations.
The ESAAMLG considered information provided in support of the request for re-rating of Recommendations 10 and 22 (initially rated PC) and re-rated to LC. Zambia has also made some minor progress in addressing technical compliance deficiencies of Recommendation 7 (Initially rated NC) and re-rated to PC. Although some progress has been made on Recommendations 8, and 16 (initially rated PC), it is not sufficient to justify an upgrade and therefore should not be re-rated due to the moderate deficiencies that still exists.
On Recommendation 5 (initially rated LC) which was being re-rated due to changes to the law, Reviewers recommend that it should be downgraded to PC. There are moderate deficiencies that have been noted. On Recommendations that are being re rated due to the changes made to the FATF Standards, it was approved that R.2 (originally rated LC) should be downgraded to PC.
The new criterion that was added has made the deficiencies to be moderate. R.15 (initially rated PC should not be re-rated due to the moderate deficiencies caused by the changes. R.21 (Initially rated C) to remain C.
Zambia will remain in enhanced follow-up and will continue to inform the ESAAMLG of the progress made in improving the implementation of its AML/CFT measures two months before each Task Force meeting.
Posted: 24, Jun 22
|Memorandum of Understanding|
|Trends and Methods|
|Country National Strategies|
|Compliance and Financial Inclusion|