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Money Laundering Trends and Typologies in Malawi (2018-2019)

The report on money laundering trends and typologies in Malawi for the year 2018 to 2019 reveals several alarming instances of financial crimes. In this article, we will summarize the key findings and highlight the most notable cases.

Money Laundering Trends

According to the report, the following are some of the money laundering trends and typologies observed in Malawi:

• Exchange Control Violations: There were instances where individuals violated foreign exchange controls by using various methods to transfer funds out of the country.
• Business Email Compromise (BEC) Fraud Scheme: This type of fraud involves criminals using email to deceive victims into transferring money to their accounts.

Case Studies

The report highlights two notable cases that demonstrate the extent of money laundering in Malawi:

Case Study 1: Collusion between Bank Officials and Businesses

A case was reported where bank officials colluded with foreign nationals to externalize K4 billion without supporting documents. The transactions were purportedly payments for imports, but there were no reports or documents to back up the claims.

• There were no supporting documents for the transactions.
• The transactions were done by staff who were not authorized to carry out such transactions.
• There was connivance between bank officials and businesses involved.
• Bank officials managed to override foreign currency exchange rates, resulting in losses.

Case Study 2: BEC Fraud Scheme

The report notes that there was an increase in the number of Malawians losing money through fraudulent transfers initiated and instructed through email systems. This involved fraudsters using the internet to gain details of bona fide overseas suppliers and creating email addresses similar to those of the suppliers.

Key Findings

• The report highlights the need for Malawian authorities to increase awareness of these money laundering trends and typologies.
• There is a clear need for stricter regulations and enforcement to prevent further instances from occurring.
• Educational campaigns should be launched to inform the public about the risks associated with money laundering.