The Financial Intelligence Authority (FIU), one of Malawi’s most important public institutions and the Institute of Chartered Accountants in Malawi have signed MOU to fight financial crimes in the country.
The two organizations say they are committed to fight financial crimes and ensure a Malawi that is free of financial crimes
Established under the Money Laundering, Proceeds of Serious Crimes and Terrorist Financing Act (2006), the unit—which purports to be an autonomous central national body—became operational in July 2007.
The unit is responsible for coordinating and strengthening efforts of national and international intelligence and enforcement agencies in pursuing the global efforts to fight against money laundering, terrorist financing and related crimes as well as identifying the proceeds of serious crimes and to combat money laundering and terrorist financing activities.
However, FIU has to rely on the toothless Anti-Corruption Bureau (ACB), the feet-dragging Director of Public Prosecutions (DPP), the incompetent Fiscal and Fraud Police Unit (FFU), the heavily politicised and moribund National Intelligence Service (NIS) and the inefficient Malawi Revenue Authority (MRA).