Malawi - Mutual Evaluation Report : Anti-Money Laundering and Combating the Financing of Terrorism
Malawi is a land-locked country. It is bordered by Zambia to the north-west, Tanzania to the north and Mozambique, which surrounds it on the east, south and west. This Report provides a detailed assessment of the Anti-Money Laundering AML/Combating...
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| Format: | Financial Sector Assessment Program (FSAP) |
| Language: | English |
| Published: |
Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2008/12/16270697/malawi-mutual-evaluation-report-anti-money-laundering-combating-financing-terrorism http://hdl.handle.net/10986/7966 |
| Summary: | Malawi is a land-locked country. It is
bordered by Zambia to the north-west, Tanzania to the north
and Mozambique, which surrounds it on the east, south and
west. This Report provides a detailed assessment of the
Anti-Money Laundering AML/Combating the Financing of
Terrorism CFT measures in place in Malawi as of May 11,
2008, two months after completion of the on-site mission. It
describes analyses and makes an assessment of the measures
and systems in place as of that date, and provides
recommendations on how certain aspects of the system could
be strengthened. This report provides a detailed assessment
of the level of compliance, and provides recommendations to
improve compliance with the prevailing context of Malawi.
The government of Malawi has demonstrated a high level of
commitment to establishing a strong AML/CFT framework. This
commitment is reflected by the enactment of the Money
Laundering proceeds of serious crime and Terrorist Financing
act in August 2006 (ML and TF Act) and the beginnings of an
implementation program. Finally, in order to ensure the
effective implementation of the ML and TF framework,
building the technical AML capacity/knowledge of law
enforcement agencies, the public prosecutors and the
judiciary will be critical. |
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