United Kingdom commends Malawi for conducting ML/TF National Risk Assessment
The United Kingdom (UK) has commended Malawi for conducting the National Risk Assessment (NRA) of money laundering and terrorist financing and making major strides in the area of anti-money laundering and combating the financing of terrorism (AML/CFT).
These remarks were made by the Head of Country Office for the United Kingdom's Department for International Development (DFID) in Malawi, Mr. David Beer, during the official presentation of the 2018 NRA findings by the Office of the President and Cabinet officials to heads of Government Ministries, Departments and Agencies (MDAs) at the Bingu International Conference Centre in Lilongwe on 20th March 2019.
He noted that: "The assessment has been instrumental in informing the on-going mutual evaluation being conducted by the Eastern and Southern Africa Anti-Money Laundering Group, which I am confident will confirm Malawi's status as a leading player in the fight against these crimes across the region. And we need to salute the major strides that Malawi has already made in this area, which has led to a number of prosecutions and more importantly, convictions, for money laundering, including the damaging cashgate scandal."
According to Beer, the NRA will provide useful analysis to inform the country's development of a new National Anti-Corruption Strategy whose process is in progress.
The DFID Head in Malawi urged the Malawian authorities to use the tools such as the Financial Crimes Act, National Anti-Corruption Strategy and the NRA to their maximum. He added that Malawi should implement civil recovery of proceeds of crime and mete our greater maximum sentences for money launderers in order to speed up turn-around times for cases and create stronger deterrents for criminals.