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Minister of Justice and Constitutional Affairs Henry Phoya said he is worried that money launderers and terrorist financiers, especially from more advanced countries where there are better legal and regulatory regimes which criminals will seek to avoid, will come to Malawi because of its unprotected regime.
The minister spoke Wednesday when he opened a two-day workshop on money laundering in Malawi organised by South African based Institute for Security Studies (ISS) with funding from the Norwegian Government.
Phoya said the Money Laundering and Proceeds of Serious Crime bill (2000) which was not tabled in parliament because of lack of knowledge, will now be tabled in Parliament after a thorough public awareness campaign so that all stakeholders appreciate the concept of money laundering.
Said Phoya: “The fight against money laundering and the timing of this workshop come at a time when the government has declared a zero tolerance stand on corruption which is a predicate offence giving rise to money laundering. Whether we like it or not, the issue of money laundering and underlying criminal activities are real as they affect our day-to-day socioeconomic and political lives in Malawi.”
The minister said trends in money laundering techniques are increasing in sophistication and said there is need to pursue a multi disciplinary approach, adding that government intends to expand the already existing National Task Force and monitor closely its activities.
“The goals of the country are, among other things, to establish a Financial Intelligence Unit or centre that will be responsible for receiving and analysing suspicious transaction reports as well as disseminating intelligence reports to relevant entities,” said Phoya.
He also said government will consult and cooperate with relevant international and regional bodies as well as other countries on money laundering and terrorist financing matters.
And presenting a paper on “Money Laundering in Malawi”, lawyer Jai Banda said a comprehensive legislation on money laundering should be put in place as a matter of urgency before the country’s economy is plundered completely.
“Absence of comprehensive legislation to prevent money laundering can result in loss of confidence in Malawi’s financial institutions as criminals invest and transfer the proceeds of crime with impunity,” said Banda, who is the coordinator of the workshop.
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