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Malawi Government Adopts New Legislation to Fight Financial Crimes

Blantyre, Malawi - The Government of Malawi has passed a new legislation aimed at preventing and combating financial crimes. The Financial Intelligence Authority (FIA) Act establishes the Financial Intelligence Authority as the principal national agency responsible for preventing and combating financial crimes.

Definitions and Objectives

The Act defines financial crimes as any act or omission which is contrary to the laws of Malawi and is committed with the intention of obtaining a pecuniary advantage, including money laundering, terrorist financing, bribery, corruption, and other related offenses. The legislation aims to strengthen the country’s efforts in combating financial crimes by providing a framework for the detection, prevention, and prosecution of such crimes.

Key Provisions

  • Establishes the Financial Intelligence Authority: as the principal national agency responsible for preventing and combating financial crimes
  • Defines Financial Crimes: any act or omission which is contrary to the laws of Malawi and is committed with the intention of obtaining a pecuniary advantage
  • Provides Framework: for the detection, prevention, and prosecution of financial crimes
  • Grants Powers to FIA: to request and receive reports from reporting entities
  • Authorizes Report Analysis: and dissemination of reports on suspicious transactions and other financial information
  • Empowers Law Enforcement Agencies: to investigate and prosecute financial crimes

Minister’s Remarks

The Minister of Justice emphasized that the legislation is aimed at protecting the country’s financial system from criminal activities and ensuring that those who engage in such activities are brought to justice. “We recognize that financial crimes are a serious threat to our economy, and we are committed to doing everything possible to prevent and combat them,” said the Minister.

Effective Date

The new legislation comes into effect on [date] and is expected to have a significant impact on the country’s efforts to combat financial crimes.

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