Follow-Up Report to Zambia's assessment of anti-money laundering and counter-terrorist financing measures

Publication details

Language

English

Country

Zambia has made progress in addressing some of the technical compliance deficiencies identified in its MER and FUR.

  • Recommendation 7 (Initially rated NC) is re-rated to PC
  • Recommendation 5, which was being re-rated due to changes to the law, initially rated LC is downgraded to PC
  • Recommendation 2,  which was being re-rated due to changes made to the FATF Standards, initially rated LC is downgraded to PC

Zambia will remain in enhanced follow-up given outstanding deficiencies in other Recommendations as well as in the Immediate Outcomes.

     

ESAAMLG-Zambia-FUR-2022

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ESAAMLG-Zambia-FUR-2022.pdf
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Earlier Reports

  • 30 Jul 2019

    Zambia's measures to combat money laundering and terrorist financing The Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) completed its assessment of Zambia's anti-money laundering and counter-terrorist financing (AML/CFT) system. The assessment is a comprehensive review of the effectiveness of Zambia's AML/CFT system and its level of compliance with the FATF Recommendations.

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Zambia Follow-Up Report 2022

R.1 - Assessing risk & applying risk-based approach
LC
R.2 - National cooperation and coordination
PC
R.3 - Money laundering offence
C
R.4 - Confiscation and provisional measures
C
R.5 - Terrorist financing offence
PC
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
PC
R.7 - Targeted financial sanctions related to proliferation
PC
R.8 - Non-profit organisations
PC
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
LC
R.11 - Record keeping
LC
R.12 - Politically exposed persons
LC
R.13 - Correspondent banking
C
R.14 - Money or value transfer services
LC
R.15 - New technologies
PC
R.16 - Wire transfers
PC
R.17 - Reliance on third parties
LC
R.18 - Internal controls and foreign branches and subsidiaries
LC
R.19 - Higher-risk countries
LC
R.20 - Reporting of suspicious transactions
C
R.21 - Tipping-off and confidentiality
C
R.22 - DNFBPs: Customer due diligence
LC
R.23 - DNFBPs: Other measures
LC
R.24 - Transparency and beneficial ownership of legal persons
PC
R.25 - Transparency and beneficial ownership of legal arrangements
PC
R.26 - Regulation and supervision of financial institutions
PC
R.27 - Powers of supervisors
C
R.28 - Regulation and supervision of DNFBPs
PC
R.29 - Financial intelligence units
C
R.30 - Responsibilities of law enforcement and investigative authorities
LC
R.31 - Powers of law enforcement and investigative authorities
LC
R.32 - Cash couriers
C
R.33 - Statistics
C
R.34 - Guidance and feedback
C
R.35- Sanctions
PC
R.36 - International instruments
LC
R.37 - Mutual legal assistance
LC
R.38 - Mutual legal assistance: freezing and confiscation
LC
R.39 - Extradition
LC
R.40 - Other forms of international cooperation
LC

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

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