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LUSAKA. — Zambia has been admitted as a member of the Egmont Group of Financial Intelligence Units, the finance ministry said on Tuesday.

The admission to the international network, which combats money laundering, the financing of terrorism and corruption, follows the endorsement made by heads of global financial intelligence units during the 25th plenary session in Australia.

The finance ministry said for the last four years, Zambia’s application to become a member as required by the global Anti-Money Laundering and Countering the Financing of Terrorism Standards has been under rigorous assessment and has now yielded positive results.

Minister of Finance Margaret Mwanakatwe said the development was a positive milestone for the country, attributing the move to the state sponsored fight against financial crimes.

“Admittance to the Egmont Group is also expected to improve investor confidence in Zambia’s financial system,” she said.

She added that Zambia’s membership to the Egmont Group becomes an addition to the positive attributes that international rating agencies look out for in assigning a sovereign credit rating to a country.

The role of the Egmont Group is to provide a forum for Financial Intelligence Units around the world. – Xinhua