Authority’s Key Roles and Powers Unveiled

In an effort to effectively combat financial crimes, including money laundering and terrorist financing, the Malawian government has established a dedicated Authority with diverse functions and powers.

Functions and Powers of the Authority

The Authority is mandated to:

Request, receive, and analyze reports submitted by reporting institutions
Report suspicious activities to relevant law enforcement agencies and regulatory bodies
Issue guidelines and circulars to financial institutions
Conduct investigations
Impose penalties on institutions that fail to comply with anti-money laundering regulations

Leadership of the Authority

The Authority is headed by a Director General, who is appointed by the President. The Director General must:

Be a person of integrity
Have recognized qualifications and experience in finance, law, or law enforcement
Not have been convicted of an offence, be bankrupt, or have a conflict of interest
Undergo security clearance and vetting procedures before assuming office

Recruitment Process for the Director General

The recruitment process involves:

Advertising the position in the Gazette and newspapers
Shortlisting and interviewing candidates
Submitting a list of recommended candidates to the President for appointment

Removal of the Director General

In the event of incapacitation, misconduct, or incompetence, the President can appoint a committee to investigate and advise on whether the Director General should be removed from office. The decision to terminate the appointment must be confirmed by the Public Appointments Committee.

Resignation of the Director General

The Director General may resign at any time by giving notice in writing to the Minister (Section 9).

Confidence in the Authority’s Role

With these functions and powers, the Malawian government is confident that the Authority will play a crucial role in:

Preventing and combating financial crimes
Protecting the integrity of the financial system
Promoting economic stability