Most companies in Malawi are losing about 5 percent of their earnings through fraud and corruption, Director of Business Development Facility, Gabriel Kamanga said.
Kamanga also asserted that the country is far away from required standard levels of detecting and dealing with fraud, which he observed, hinders the growth of the business sector and other sectors.
The institution, aimed at promoting businesses in the country, has since organized a ‘Fraud Detection, Investigation and Prevention’ conference.
The conference, whose theme is ‘Creating Fraud and Corruption Free Environment’, will place in Malawi’s commercial capital Blantyre on July 18.
“The idea is to see whether we have got the required standard or not. We expect to come up with a national board that would regulate the fraud detection and prevention at National level,” said Kamanga.
He further said there is need to seriously strengthen governance institutions
such as the Anti-Corruption Bureau (ACB) to combat the vice.
Guest speaker is Certified Fraud Examiner Thulani Sibanda.
Sibanda, according to Kamanga, has over 10 years experience in the financial services sector mostly in banking, auditing and business consulting by putting systems in place to counteract fraud at occupational and organizational level.
The ACB and Professor Kamwachale Khomba of the University of Malawi will also make presentation on the dangers of corruption and fraud in institutions and how it can be detected and prevented within institutions.