Financial Crime World

Malawi’s Anti-Money Laundering, Counter-Terrorism Financing, and Combating Proliferation Policy

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Fostering a Stronger Financial System for Sustainable Economic Development

Lilongwe, Malawi - The Government of Malawi has introduced a comprehensive policy aimed at strengthening the country’s anti-money laundering (AML), counter-terrorism financing (CFT), and combating proliferation (CFP) regime. This policy is designed to protect the integrity of the financial system and economy, while promoting sustainable economic development and improving the well-being of Malawians.

International Instruments

Malawi has signed several international instruments that promote cooperation in fighting money laundering, terrorism financing, and proliferation. These include:

  • The Financial Action Task Force (FATF) Recommendations on AML/CFT/CFP
  • The United Nations Convention Against Corruption
  • The United Nations Convention on Suppression of Terrorism
  • The Treaty on the Non-Proliferation of Nuclear Weapons
  • United Nations Security Council Resolutions 1267 and 1373
  • The Eastern and Southern Africa Anti-Money Laundering Group (ESAMLG)
  • The African Union Convention on Preventing and Combating Corruption
  • The SADC Protocol Against Corruption

Problem Statement

Despite these international commitments, Malawi has faced challenges in implementing AML/CFT/CFP measures. These include:

  • Inadequate legal and institutional frameworks
  • Lack of coordination among government agencies and stakeholders
  • Inconsistent application of requirements

Policy Direction

To address these challenges, the National AML/CFT/CFP Policy aims to:

  • Strengthen the country’s legal and institutional framework
  • Improve coordination among government agencies and stakeholders
  • Enhance transparency and accountability in financial transactions
  • Promote international cooperation and information sharing

Key Objectives

The policy will achieve several key objectives, including:

  • Improving the effectiveness of AML/CFT/CFP measures to combat money laundering, terrorism financing, and proliferation
  • Strengthening the country’s financial system and economy
  • Enhancing transparency and accountability in financial transactions
  • Promoting international cooperation and information sharing

Implementation

The policy will be implemented through a range of measures, including:

  • Strengthening legal and institutional frameworks
  • Improving coordination among government agencies and stakeholders
  • Enhancing transparency and accountability in financial transactions
  • Promoting international cooperation and information sharing

By implementing this policy, Malawi is committed to promoting a stronger financial system that supports sustainable economic development and improves the well-being of its citizens.