MALAWI: Financial Crime Investigation Methods Take Center Stage
Strengthening Efforts Against Financial Crimes in Malawi
The Association of Anti-Corruption Agencies in Africa (AGA AAP) collaborated with the Malawian Financial Intelligence Authority (FIA) to host a two-day workshop on anti-money laundering, aimed at strengthening efforts against financial crimes in the country. The event was held in Lilongwe from March 18-19, 2019, and brought together thirty magistrates who play a crucial role in combating financial crimes.
Enhancing Capacity and Knowledge
The workshop aimed to enhance the capacity of the magistrates in handling money laundering cases, as well as share knowledge and experiences on identifying, investigating, and prosecuting such crimes. The event featured enlightening presentations from experts in the field, including Thomas Caldwell, Assistant Attorney General of the Massachusetts Attorney General’s Office.
Linking Terrorism and Money Laundering
Caldwell shed light on the link between terrorism and money laundering, highlighting how terrorist organizations rely heavily on financial networks to fund their activities. He emphasized that understanding these financial flows is crucial in identifying suspicious activity and disrupting the money trail.
- “Every terrorist attack tells a financial story,” Caldwell noted.
- “Investigations of this nature are driven usually by financial clues identified at the outset of the crime-scene investigation.”
Partnerships for Curbing Money Laundering
Eugene Griffin, Senior Financial Investigator with the Massachusetts Attorney General’s Office, presented on the basics of money laundering and actual results in investigations and prosecutions. He stressed the importance of partnerships between law enforcement agencies, major financial institutions, and public agencies in curbing money laundering and terrorism financing.
Malawi’s New Financial Crimes Act
Edwin Matonga, Director for Legal & Corporate Service at the FIA, provided an overview of Malawi’s new Financial Crimes Act, highlighting significant changes to the law, including the expansion of the FIA’s functions and powers. He noted that the new act addresses some of the gaps in the old legislation, such as the lack of administrative penalties and provisions for freezing terrorist funds.
International Cooperation
The workshop also touched on international cooperation in combating financial crimes, with Matonga noting that Malawi has a Mutual Assistance in Criminal Matters Act that provides a legal basis for providing mutual legal assistance.
Conclusion
The event was hailed as a major step forward in building capacity among magistrates to tackle financial crimes in Malawi, and in fostering regional collaboration in the fight against money laundering and terrorism financing.