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National Anti-Money Laundering Policy for Malawi

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Introduction

The National Anti-Money Laundering, Combating the Financing of Terrorism, and Preventing Proliferation Policy aims to strengthen the AML/CFT/CFP regime in Malawi. This policy will protect the integrity of the financial system and economy by adhering to international best practices.

Key Objectives

  • Strengthen the AML/CFT/CFP regime in Malawi
  • Protect the integrity of the financial system and economy

Legislative Frameworks

This policy is based on several legislative frameworks, including:

  • Anti-Money Laundering Act 2005
  • Terrorism Prevention Act 2007
  • Financial Crimes Act (Cap. 39:02) Laws of Malawi
  • National Anti-Corruption Strategy II
  • Other laws and regulations related to AML/CFT/CFP

International Instruments

The policy is aligned with several international instruments, including:

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

Problem Statement

The implementation of AML/CFT/CFP measures in Malawi has been characterized by:

  • Inadequate legal and institutional frameworks
  • Lack of proper coordination
  • Lack of clarity and inconsistency in application of AML/CFT/CFP requirements
  • Slow pace in addressing AML/CFT/CFP deficiencies

Policy Purpose

The purpose of the National AML/CFT/CFP policy is to promote effective implementation of legal, institutional, regulatory, and operational measures for combating money laundering, terrorist financing, and the financing of proliferation.

Broad Policy Direction

The overall goal of this policy is to strengthen the AML/CFT/CFP regime in Malawi by:

  • Improving legal frameworks and institutional capacity
  • Enhancing coordination among stakeholders
  • Ensuring effective compliance with international standards
  • Strengthening cooperation between government agencies, LEAs, and supervisory authorities