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 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.

Bibliographic Details

Main Author:	World Bank
Language:	English
Published:	Washington, DC 2008-12
Subjects:	ABUSE, ACCOUNTING, ADMINISTRATION OF JUSTICE, ANTI-CORRUPTION, ANTI-MONEY LAUNDERING, ANTICORRUPTION, ANTICORRUPTION BUREAU, ASSET MANAGERS, ASSETS, BANK ACCOUNTS, BANK CUSTOMERS, BANK SUPERVISION, BANKING MARKET, BANKING SECTOR, BANKING SUPERVISION, BANKING SYSTEM, BANKS, BEARER CERTIFICATES, BEARER INSTRUMENT, BENEFICIARIES, BRIBERY, BROKERS, BUSINESSMAN, CAPITAL MARKET, CAPITAL MARKET DEVELOPMENT, CAPITAL MARKETS, CASH TRANSACTION, CDS, CERTIFICATES OF DEPOSIT, COLLECTIVE INVESTMENT, COMMERCIAL BANK, COMMERCIAL BANKERS, COMMERCIAL BANKS, COMMERCIAL LAWS, COMMERCIAL TRANSACTIONS, COMMON LAW, COMPLAINTS, CONFIDENCE, CONFISCATION ORDER, CONSTITUTIONAL COURT, CONSUMER CREDIT, COOPERATIVES, CORRUPT, CORRUPT PRACTICES, CORRUPTION OFFENCE, CORRUPTION PREVENTION, COURT, COURTS, CREDIT CARDS, CRIME, CRIMES, CRIMINAL, CRIMINAL LAW, CRIMINAL LAWS, CRIMINALIZATION, CURRENCY, CUSTODY, CUSTOMARY LAW, DEBIT CARDS, DEBT, DEBT MANAGEMENT, DEMOCRACY, DEPOSITS, DERIVATIVES, DEVELOPMENT FINANCE, DEVELOPMENT FINANCE INSTITUTIONS, DISCRETION, DIVERSIFICATION, DRUG TRAFFICKING, DUE DILIGENCE, ECONOMIC GROWTH, EMERGENCY SITUATIONS, EMPLOYERS, ENFORCEMENT AGENCIES, ENFORCEMENT AGENCY, ETHICS, EXCHANGE CONTROL, EXPENDITURES, EXPLOITATION, EXTORTION, EXTRADITION, FACTORING, FINANCIAL ASSETS, FINANCIAL CRIME, FINANCIAL CRIMES, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL INTELLIGENCE, FINANCIAL INTELLIGENCE UNIT, FINANCIAL LEASING, FINANCIAL RESOURCES, FINANCIAL SECTOR ASSESSMENT, FINANCIAL SERVICES, FINANCIAL STATEMENTS, FINANCIAL SYSTEM, FOREIGN BANK, FOREIGN BANKS, FOREIGN EXCHANGE, FRAUD, FUTURES, GOOD GOVERNANCE, GROSS DOMESTIC PRODUCT, HOME, HOUSES, HUMAN RESOURCES, IMPRISONMENT, INFLATION, INSIDER TRADING, INSURANCE PREMIUMS, INTANGIBLE, INTEREST RATE, INTEREST RATES, INTERNAL CONTROLS, INTERNATIONAL STANDARD, INTERNATIONAL STANDARDS, INVESTIGATION, INVESTIGATIONS, INVESTING, ISSUANCE, JUDGES, JUDICIAL PROCESS, JUDICIAL SERVICE, JUDICIARY, JUSTICE, JUSTICE SYSTEM, KIDNAPPING, LAW ENFORCEMENT, LAWS, LAWYER, LAWYERS, LEGAL EDUCATION, LEGAL ENTITY, LEGAL FRAMEWORK, LEGAL SYSTEM, LEGISLATION, LEGISLATIVE FRAMEWORK, LEVEL OF COMMITMENT, LIABILITY, LIFE INSURANCE, LIFE INSURANCE COMPANIES, LIQUIDATION, MANDATES, MARKET CAPITALIZATION, MARKET SIZE, MICRO-FINANCE, MICRO-FINANCE INSTITUTIONS, MICROFINANCE, MINISTER, MINISTERS, MONETARY FUND, MONEY LAUNDERING, MONEY MARKET, MONEY MARKET INSTRUMENTS, MONEY ORDERS, MORTGAGE, MORTGAGE BANKS, MORTGAGE CREDIT, MUTUAL FUNDS, MUTUAL LEGAL ASSISTANCE, NATIONAL SECURITY, NEW ENTRANTS, NONPROFIT ORGANIZATIONS, NOTARIES, OFFENCES, OFFENDERS, PENAL CODE, PENALTIES, PENALTY, PENSION, PENSION FUNDS, PENSIONS, POLICE, PORTFOLIO, PORTFOLIO MANAGEMENT, PRIVATE BANKING, PROSECUTION, PROSECUTIONS, PROSECUTOR, PROSECUTORS, PUBLIC EDUCATION, PUBLIC EXPENDITURES, PUBLIC OFFICIAL, PUBLIC OFFICIALS, REAL ESTATE, RECEIPT, REGISTRATION REQUIREMENT, REGULATORY FRAMEWORK, REMEDY, REMITTANCE, RESERVE, RESERVE BANK, RESTRAINT ORDER, RESTRAINT ORDERS, RETURN, ROBBERY, SANCTIONS, SAVINGS, SAVINGS BANK, SAVINGS INSTITUTIONS, SECURITIES, SECURITIES MARKET, SEIZURE, SHAREHOLDERS, SOLICITATION, STATE GOVERNMENT, STOCK EXCHANGE, SUBSIDIARY, SUFFRAGE, SUPERVISION OF BANKS, SUPERVISORY AUTHORITY, TAX, TAXATION, TERRORISM, THEFT, TRADING, TRANSACTION, TRANSPARENCY, TRANSPORT, TREASURY, TRIAL, TRUST DEED, TRUSTEE, UNDERWRITERS, UNIONS, WARRANTS, WILL, WIRE TRANSFER,
Online Access:	http://documents.worldbank.org/curated/en/2008/12/16270697/malawi-mutual-evaluation-report-anti-money-laundering-combating-financing-terrorism https://hdl.handle.net/10986/7966
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