Email a copy of 'Hold Malawi commercial banks accountable for illegal externalisation of forex' to a friend
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Email a copy of 'Hold Malawi commercial banks accountable for illegal externalisation of forex' to a friend
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Due to their poor and non-particiation of the Confederation of African Football (CAF) club championships, only three Malawian clubs, Mighty...
All state institutions have collapsed. Nothing no longer works in Malawi not even those institutions mandated with oversight roles. Malawi is fficially a banana Republic and is haven for criminals.
Spot on Malani. Forex externalisation and land issues are very important issues we must address as a country. The Financial Intelligence Unit releases reports every year on forex externalisation in Malawi but nothing tangible is done to bring the culprits to book. Foreigners are taking advantage of our poverty and the corrupt people in the system – be it banks, MRA, Immigration dpt etc. Malawi has the potential to develop but these are some of the things that stand in our progress. The system needs complete overhaul. What the Indians and Chinese are doing in Malawi, a Malawian cannot even… Read more »
I have been amazed why the Reserve Bank of Malawi is at the forefront of giving licenses to these Asians to run Money bureaus. Each time I have talked to officials in the Reserve Bank, their responses leave a lot to be desired. In Banks, these guys bribe big time and so do they when it comes to land matters. If the money laundering issues is not stemmed quickly, Malawi will be blacklisted for financing terrorism. In addition, Malawi needs to move faster to deal with land matters -otherwise, we will have no country. Has anybody wondered why lately, there… Read more »
MALAWIAN ARE SLEEPING. THEY WILL WAKE UP ON DOOMSDAY.
This is a very misguided article. Banks cannot remit FX without regulatory approval and we always submit. Also as bankers we cannot audit every client’s request to externalise FX. Do you really expect a banker to have the time and resources to check if company ABC is really purchasing steel rivets and that the price of such rivets is correct? It’s not our job. All we can do is ensure that there are valid invoices and such and then ask for RBM approval. Externalisation is an issue but its reckeless and irresponsible to accuse bankers of assisting people break the… Read more »
You are lying as well as hiding criminal reckless activity. Your banks has the time and resources to check what a company is buying from outside. It is just that your banks are following the footsteps of Hong Kong & Shanghai Banking Corporation which has operated accounts of shady characters by clearing suspicious checks. Like the mentioned bank, no single executives from your banks has faced single charges in court to explain why there are aiding suspicious forex transactions. The cash gate showed your negligence in that respect but you were spared for unknown reasons. It is a known fact… Read more »
Kodi even the Chinese business people,, have you seen them on a que in any bank to deposit their moneys from many shops they are owning? where do they bank their moneys. Does anyone follow or check their bank accounts? People make money in our country and take it out. Most of the nyangwita clothes being sold in Chinese shops are brought by malawian business ladies for cheap cheap money, but after the shops owners sell them at a high price, when do the moneys go to? Please Malawi government, bring back the investors who can do commercial farming in… Read more »
There are people who are being sent by Chinese and Indians in Banks to apply for forex as if they are travelling and when they get the forex they sell it to indians and chinese who take it out to their respective countries through airports because they know they are corrupt fiscal police men at airports and border posts. Banks that are in this scam are NEDBANK and FMB
Not Banks but your failures as country to generate forex.Expect that if you allow
investors like Indians and Chines here to do Toy investments.Know alo that we are importing country.
All foreigners one day they will need to go back home with their profit and what they brought.