Malawi gets regional nod in money laundering fight

post was last updated: September 12, 2019

By Rebecca Chimjeka:

HEADING THE FIA—Agbermoji

The Council for Ministers of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) has approved Malawi’s Mutual Evaluation Report on implementation of Financial Action Taskforce (FATF) recommendations aimed at combating financial crimes.

Ministers from ESAAMLG’s 18 member countries approved the Evaluation Report during their 19th Meeting held at Royal Swazi Spa and Convention Centre in Ezulwini, Eswatini, last Friday.

A statement from Financial Intelligence Authority (FIA) says the mutual evaluation for Malawi was conducted from August 2018 to September 2019.

“The achievements of Malawi contained in this report are a clear manifestation of the Malawi Government’s commitment to combating money laundering, terrorist financing, financing of proliferation of weapons of mass destruction and other financial crimes,”says FIA director Atuweni Agbermodji.

Malawi has scored outstandingly in areas including criminalisation of money laundering, criminalisation of financing of terrorism and proliferation of weapons of mass destruction, and offences that are components of money laundering such as corruption, fraud, tax evasion, illegal externalisation of foreign exchange, illegal wildlife trade, smuggling and human trafficking.

Malawi also scored highly on sharing of financial intelligence to help with initiation or continuation of investigation and prosecution of financial crimes.

Malawi has done well on coordination of government ministries, departments and agencies in coming up with policies and strategies aimed at sharing information as well as investigating and prosecuting money laundering and other financial crimes.

The United Kingdom’s Department for International Development has been providing financial and technical support to Malawi.

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