The Drug Enforcement Commission says illicit financial flows, insurance fraud and corruption have the ability to erode public confidence in the governance system.
DEC Acting Commissioner Kelvin Silwimba says illicit financial flows also pose serious consequences and threats on the social-economic situation of the country.
Mr Silwimba says in order for the pensions and insurance sector to continue thriving and contribute to the development of the economy, there is a need to eliminate all forms of fraud and money laundering activities.
And Pensions Insurance Authority Registrar Martin Libinga says the authority has been ensuring that only credible and financially fit individuals and entities are allowed to operate in the insurance and pensions industry.
Mr Libinga adds that as the pensions and insurance regulator, it is committed to ensuring that the authority presides over a credible marker.
The two parties were speaking in Lusaka during the signing of the memorandum of understanding between the Drug Enforcement Commission and the Pensions and Insurance Authority to enhance the fight against money laundering and other serious crimes in the financial sector.