Financial Crime World

Fighting Trade-Based Money Laundering in Malawi: A 2-Day Workshop

Background

African criminals are employing increasingly sophisticated methods to launder ill-gotten gains through cross-border trade, a process known as trade-based money laundering (TBML). This form of money laundering, which involves the misrepresentation of the price, quantity, or quality of imports or exports, is a significant concern for law enforcement agencies across Africa, and financial institutions continue to update their anti-money laundering (AML) policies and procedures in response.

The Workshop

To combat this growing threat, the AGA Africa Alliance Partnership (AAP) and the Financial Intelligence Authority (FIA) of Malawi collaborated to host a 2-day workshop on Trade-Based Money Laundering from 16th to 17th September 2023, in Blantyre, Malawi.

Objective

The primary objective of the workshop was to equip key personnel from various government agencies and financial institutions with the necessary knowledge and tools to:

  • Detect, investigate, and prosecute trade-based illicit activities
  • Increase awareness of the risks associated with TBML within Malawi’s borders

Participants and Speakers

Some of the esteemed speakers gracing the occasion included:

  • Steve Kajombo, Director of Tax Investigations from the Malawi Revenue Authority (MRA)
  • Atuweni Juwayeyi-Agbermodji, Director General of the FIA
  • Chukukere Unamba-Oparah, AGA AAP programme Director
  • Dr. Álvaro Días Huizar, National Legal Coordinator of the CNIPN
  • Mercy Buku, AML/CFT Legal and Risk Management Consultant
  • FIA experts Merium Sodala Chithila and John A.B. Minofu
  • Other invited professionals

Expert Sessions

The sessions were expertly led by:

  • Dr. Álvaro Días Huizar
  • Mercy Buku
  • FIA experts Merium Sodala Chithila and John A.B. Minofu

Aim and Outcome

By collaborating with various local and international organizations, this event served as a significant step towards:

  • Strengthening Malawi’s efforts against financial crimes
  • Enhancing regional cooperation in the investigation and prosecution of TBML activities

The workshop aimed to provide attendees with a better understanding of the risks posed by TBML to Malawi’s economy. This event is expected to have a positive impact on Malawi’s financial security and regional cooperation in combating TBML.