Confiscation Fund now holds K3bn, but still no guidelines

Confiscation Fund’s ‘inaction’ impairs corruption fight

By Cathy Maulidi: The Cashgate scandal of 2013 exposed a systemic massive looting of the public treasury, through fraudulent transactions enabled by weaknesses in the Integrated Financial Managemen…

Confiscation Fund now holds K3bn, but still no guidelines

Over a year after Treasury Secretary Betchani Tchereni announced that his ministry had completed reviewing regulations to operationalise the Confiscation Fund, the fund, now holding over K3 billion, is still not operational. This week, the Financial Intelligence Authority (FIA), the agency overseeing the money and properties under the fund said this week that they are still waiting for the guidelines to operationalize the fund. “We are still wai…