Malawi Lacks Strict Standards for Fraud Detection, Says Business Development Facility

The Business Development Facility (BDF) has expressed concern that Malawi lacks strict standards for individuals involved in fraud detection and prevention, hindering the country’s ability to meet the highest possible fraud prevention performance levels.

Loopholes Need to be Addressed

According to BDF, the lack of standards has created gaps that need to be addressed. “It seems we do not have any standards in this field and if there is any they must be too weak and need a review or overhaul,” said Grabriel Kamanga, chairperson of the organizing committee of the conference who is also chairperson of BDF.

Corporate Fraud and Corruption Detection Conference

To address these gaps, BDF is organizing a corporate fraud and corruption detection conference in Blantyre on July 18. The event aims to explore possibilities of developing and implementing a fraud detection and prevention standardization project.

Objectives of the Conference

• Develop and implement a fraud detection and prevention standardization project
• Facilitate trainings and certification of officers involved in fraud detection and prevention
• Review the rule of law on corporate fraud and corruption in Malawi

Partnerships Secured

Notably, BDF has already secured partnerships with key stakeholders including:

• Anti-Corruption Bureau
• University of Malawi
• Malawi Law Society
• Institute of Internal Auditors
• Association of Certified Fraud Examiners
• Financial Crime Scene Investigators Africa-Zimbabwe

Strengthening Fraud Detection and Prevention

Kamanga emphasized that through a strict code of practice, fraud can be effectively detected and regulated. The conference aims to bring together experts in the field to share knowledge and best practices in fraud detection and prevention, ultimately strengthening Malawi’s efforts to combat corporate fraud and corruption.