Now Call it Financial Intelligence Authority - Govt

The Malawi Government has advised all government entities that the Financial Intelligence Unit (FIU) was changed to Financial Intelligence Authority (FIA). In a circular addressed to all Principal Secretaries and Heads of Departments and Agencies, the Chief Secretary to the Government Mr. Lloyd Muhara says, "the Financial Intelligence Unit (FIU) ceased to exist on 17 February 2017 following the coming into force of the Financial Crimes Act (FCA) which repealed the Money Laundering, Proceeds of Serious Crime and Terrorist Financing Act. Section 3 of the Financial Crimes Act now establishes the Financial Intelligence Authority."

Meanwhile, the FIA is in the process of developing its logo and web domain to reflect this development. Apart from establishing the FIA, the Financial Crimes Act has given the FIA powers to carry out investigations on money laundering, terrorist financing and related financial crimes.

Among other developments, the FCA has also increased the penalty for money laundering offence from 10 years and fine of K2-million to a maximum of life imprisonment for a natural person and a fine of K500-million and revocation of business licence for a legal entity. The FCA was enacted by Parliament on 8 February 2017 and assented to by the State President on 14 February 2017.