Malawi Establishes Financial Intelligence Authority to Combat Financial Crimes

Strengthening Efforts Against Financial Crimes in Malawi

Lilongwe, Malawi - The Government of Malawi has taken a significant step forward in preventing and combating financial crimes by establishing the Financial Intelligence Authority (FIA). This new public body will work closely with other law enforcement agencies to detect and disrupt criminal networks involved in money laundering, terrorist financing, and other forms of financial fraud.

Mandate and Structure

According to Section 3(1) of the Financial Crimes Act, the FIA is a body corporate with perpetual succession. It has the power to:

• Enter into contracts
• Sue and be sued in its own name
• Hold land
• Perform all other things or acts necessary for the proper administration of the act

Functions of the FIA

The authority’s primary functions, as outlined in Section 4 of the Act, include:

• Requesting, receiving, analyzing reports submitted by reporting entities (such as financial institutions) to identify suspicious transactions linked to criminal activities
• Working with foreign counterparts to share intelligence and best practices in combating financial crimes
• Obtaining information and evidence from any person or entity
• Conducting investigations into suspected financial crimes

Role of the FIA in Combating Financial Crimes

The establishment of the FIA is a significant step forward in Malawi’s efforts to combat financial crimes, which has been identified as one of the major challenges facing the country. The authority will play a critical role in ensuring that:

• The country’s financial system is secure and transparent
• Criminals are held accountable for their actions

Government Commitment and Call to Action

The Government has committed to providing the necessary resources and support to ensure the success of the FIA. We call on all stakeholders to work together to combat financial crimes and support the efforts of the Financial Intelligence Authority.