Establishment and Powers of Anti-Money Laundering Authority

Section 1: Establishment of the Authority

The Anti-Money Laundering Authority is established to oversee and enforce anti-money laundering regulations in Malawi. The authority’s primary purpose is to prevent and combat financial crimes, including money laundering and terrorist financing.

Powers and Functions

• To issue instructions, directions, guidelines, or rules to reporting institutions to ensure compliance with anti-money laundering regulations.
• To impose sanctions and penalties for breaches of anti-money laundering regulations.
• To investigate matters related to the implementation of anti-money laundering regulations.
• To inspect records and documents of reporting institutions to verify compliance.
• To access information from other authorities, such as law enforcement agencies, to support investigations.

Section 2: Recruitment Process for Director General

The selection process for the Director General of the Anti-Money Laundering Authority involves the following steps:

Step-by-Step Procedure

1. Advertisement: The position is advertised nationally and internationally to attract qualified candidates.
2. Shortlisting: A panel reviews applications and selects suitable candidates based on their qualifications, experience, and skills.
3. Interviews: Shortlisted candidates are invited for interviews to assess their knowledge, communication skills, and leadership abilities.
4. Security Clearance and Vetting Procedures: Selected candidates undergo thorough security clearance and vetting procedures to ensure they meet the required standards.

Section 3: Vacation from Office of Director General

The President has the authority to remove a Director General from office in the following circumstances:

• Incapacitation
• Bankruptcy
• Misconduct
• Inability to discharge duties

This provision allows for the removal of a Director General who is unable or unwilling to perform their duties effectively.