Financial Crime World

Authority’s Functions and Powers Key to Fighting Financial Crimes

Overview

The Authority, established to combat financial crimes, has been tasked with a range of critical functions aimed at preventing and detecting money laundering, terrorist financing, and other financial malpractices. These functions are essential in ensuring the stability and integrity of the financial system.

Core Functions

According to the law, the Authority is responsible for:

  • Requesting and analyzing reports from financial institutions
  • Reporting suspicious activities to relevant authorities
  • Maintaining a database of known or suspected criminals
  • Working closely with international organizations and foreign governments to share intelligence and best practices in combating financial crimes

Powers and Responsibilities

The Authority has been granted significant powers to investigate and prosecute financial crimes, including:

  • Conducting searches and seizures
  • Interviewing witnesses
  • Obtaining documentation and records from financial institutions
  • Enforcing anti-money laundering and combating the financing of terrorism (AML/CFT) regulations
  • Working closely with the Malawian government to develop and implement effective policies and procedures to prevent financial crimes

Director General Appointment Process

The appointment of the Director General of the Authority has been a subject of much scrutiny. According to the law, the process involves:

  • The Minister is responsible for advertising the position
  • Conducting interviews to select a minimum of two and a maximum of three candidates
  • Sending the list of shortlisted candidates to the President for approval

Eligibility Criteria

The Director General must meet strict eligibility criteria, including:

  • Recognized qualifications in finance or law enforcement
  • Being a person of integrity with no conflict of interest

Vacation from Office

The law provides for the vacation of office of the Director General in cases where they are:

Incapacitated by Illness

  • The committee will be appointed to investigate such claims and furnish findings to the President
  • In the event that the committee recommends removal from office, the President may terminate the appointment of the Director General, subject to confirmation by the Public Appointments Committee

Bankruptcy or Misconduct

  • The Director General may also resign their office at any time by notice in writing to the Minister