The Financial Intelligence Authority (FIA) and Reserve Bank of Malawi (RBM) are holding a series of meetings with financial institutions (FIs), designated non-financial businesses and professions (DNFBPs), and Law Enforcement Agencies (LEAs) on virtual assets (VAs) and virtual assets service providers (VASPs).
The meetings are aimed at sensitizing the FIs, DNFBPs and LEAs as part of the process to assess money laundering and terrorist financing risks associated with VAs and VASPs in the country. The meetings for DNFBPs and LEAs were held in Lilongwe and Blantyre on 12th April and 14th April 2022 respectively while the meetings for FIs are being held in Mangochi from 28th to 29th April 2022.
The Director for Compliance and Prevention at the FIA, Anita Mankhambo, has called upon the participants at the meetings held in Mangochi to seriously take part in the exercise as the risk assessment findings will help Government policymakers to determine an appropriate policy position to be taken on VAs and VASPs.
Under Recommendation 15 of the Financial Action Task Force, countries are, among others, required to identify and assess money laundering and terrorist financing risks emerging from virtual asset activities and activities or operations of VASPs.