Email a copy of 'Weak enforcement allows foreign firms to sneak millions out of Malawi' to a friend
Loading ... Loading ... Loading ... Loading ... Loading ...
Loading ...
Email a copy of 'Weak enforcement allows foreign firms to sneak millions out of Malawi' to a friend
Loading ...
The Rotary Club of Blantyre Saturday night inducted Chris Chirwa as its new president for the ensuing year. Chirwa, Chief...
You rubbish Malawians , why giving foreigners contracts in the first place, go to India or France if you will be given a contact there. so zoziyamba dala.
Am not surprised at all. If you call your bank from South Africa. Half of the bank staff you speak to have no idea how to resolve a customer’s issue. If they don’t understand their own internal processes how on earth can they be conversant with complex issue involving forex. This report should not be ignored, may be that’s why our country keeps being referred to as the poorest, some mafioso are stealing from us. Do something fast. Don’t just hang jackets behind your seats
The biggest problem is the RBM and FIA. These institutions have let Malawians down because they do not demand accountability from banks. How do you warn banks for illegal externalisation of funds. Such bank must be closed. In South Africa any bank that flouts regulations is severely punished by the Reserve Bank of South Africa. If RBM was punishing these banks, they would be have been fewer cases of illegal externalisation . In South Africa it is very difficult to externalise funds because of strict regulations. Even sending or receiving money through western union is not as simple as just… Read more »
Cant government see most of these are Asians, Chinese, or Arabs or Lebanese.? These companies are not investors but traders and they are using Malawi to launder dirty money. What has always surprised me personally is why all Foreign Exchange Buraeus are run by foreigners. Go next door to Zambia and see what they do. Urgently cancel all bureau businesses and make sure all banks do not keep the same staff in the foreign exchange department for more than six months. Audit the life style of Bank staff that work in foreign exchange department of banks and let them explain… Read more »
True. First, Zambia is where there is seriousness in dealing with traders that launder dirty money. Second, laws should be amended to scrape off these Forex Bureaus. They are conduits in externalization of foreign currencies. They are there to sabotage Malawi economy. Third, the Forfeiture Act should be re-introduced and be used on bank staff that assist traders siphon foreign currencies. Fourth, government should instruct Immigration Department to screen all Asians that have flocked to Malawi since 1994. Some came to work as expatriates in companies owned by fellow Asians. They work in such companies as financial controllers where they… Read more »
You are on point Panganani. Unfortunately those officers who are supposed to enforce the law are all being paid to look the other way. You’ll be surprised how many very senior people are surviving from ziphuphu. This runs across all sectors, from public to private sectors. Even bank clerks have joined in.
In a country with expenditure budget of USD2 billion it is unthinkable that a government would run up debt of USD3 billion. One would then think that the govt would then put tighter controls and enforcement on illegal forex externalisation to protect its balance sheet. Needless to say, DPP has never been good at enforcing law; the entire law enforcement has completely collapsed under DPP watch. This is likely done deliberately to enable its corrupt members to go about kutamba masana. Now corruption has gone out of control to the extent that the collapsed law enforcement agencies just watch forex… Read more »
Correct observation. Enforcing the law has totally collapsed under DPP. RBM, FIA , Police etc are just watching. Leaders are busy stealing money thru tenders