The Financial Intelligence Authority (FIA) has signed a memorandum of understanding with the Institute of Chartered Accountants in Malawi (ICAM) to facilitate sharing of information between the two organisations. The signing ceremony took place at Sunbird Lilongwe Hotel on 30th December 2020.
The MoU was signed on behalf of the two organisations by Vincent Chipeta, the Acting Director of FIA and Dr. Chinjoka Gondwe, the Chief Executive Officer of ICAM.
“The overarching objective of this MoU is sharing of information. We are very excited as ICAM because this MoU will contribute to the vision of our organisation. As ICAM, we can only investigate our members if we have adequate information. Therefore the FIA will help us with that important information in order to discipline members who are non-compliant. We have a compliance officer in place for purposes of reporting suspicious transactions to FIA,” said Dr. Chinjoka Gondwe
On his part, Chipeta noted that the information shared through the MoU would empower the two organisations to contribute to the fight against money laundering, terrorist financing and other financial crimes.
“In the 2019 Mutual Evaluation Report for the country we got a moderate level of effectiveness on supervision of reporting institutions. We want to improve on that. Therefore I want to assure you that the FIA is committed to work closely with ICAM,” he said.
Chipeta added that FIA will be eager to assist ICAM in terms programs on continuous professional development of its members on matters of anti-money laundering and other financial crimes.
The FIA started working closely with ICAM in 2013 when the country conducted its first money laundering and terrorist financing nation risk assessment.