Authority Gets Enhanced Powers to Combat Financial Crimes
Strengthening the Fight Against Financial Crimes in Malawi
In a significant move to combat financial crimes such as money laundering, terrorism financing, and fraud, the Authority has been granted enhanced powers to request and receive information from various institutions and agencies, conduct research, and provide training and support.
New Powers Under the Act
According to the new Act, the Authority will have the power to:
- Issue instructions, directions, guidelines or rules to reporting institutions
- Request and receive information from banks, financial institutions, and other entities
- Conduct research on financial crimes
- Provide training and support to law enforcement agencies and other stakeholders
These powers are aimed at enhancing the Authority’s ability to detect and prevent financial crimes, which pose a significant threat to the economy and national security.
Quotes from the Director General
“We believe that these new powers will enable us to better detect and prevent financial crimes,” said [Name], Director General of the Authority. “This is a major step forward in our fight against financial crimes in Malawi, and we expect it to enhance our reputation as a safe and stable place for investment.”
Delegation of Powers
The Act also allows the Authority to delegate its powers to any person it deems fit, subject to certain conditions. This ensures that the Authority’s functions can continue uninterrupted even if the Director General or Deputy Director General is unable to perform their duties.
Establishment of a Committee to Inquire into Allegations of Misconduct
In addition, the Act provides for the establishment of a committee to inquire into allegations of misconduct against the Director General or Deputy Director General. The committee will consist of three members, including a chairperson who has sufficient knowledge of the law.
Conclusion
The enhanced powers granted to the Authority are expected to play a significant role in strengthening the fight against financial crimes in Malawi. This move is seen as a major step forward in enhancing the country’s reputation as a safe and stable place for investment.