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MUTUAL EVALUATIONS


MUTUAL EVALUATION REPORT FOR THE REPUBLIC OF MALAWI.

ESAAMLG COUNCIL OF MINISTERS ADOPTS THE MUTUAL EVALUATION REPORT FOR THE REPUBLIC OF MALAWI


The ESAAMLG Council of Ministers approved the mutual evaluation report for the Republic of Malawi in August 2008.  The report was prepared by the World Bank under the Financial Sector Assessment Programme.  Before its approval by the Council of Ministers the report was discussed and adopted by the ESAAMLG Task Force of Senior Officials at its meetings in August 2008.


The report records the high level of commitment of the Government of Malawi in establishing a strong AML/CFT framework by enacting the Money Laundering Proceeds of Serious Crime and Terrorist Financing Act in 2006 (the Act) and setting up an operational financial intelligence unit in July 2007 to lead the implementation process.  The Act adopts the key AML/CFT requirements by imposing AML/CFT measures on all financial institutions and designated non-financial businesses and professions defined by the international standards.
The report also identifies some areas of deficiencies in the AML/CFT regime of Malawi.  It makes comprehensive recommendations on the actions that Malawi needs to take in the short and medium terms to strengthen its AML/CFT system to fully meet the international standards.


Click here to download the summary of the major findings of the report


ESAAMLG Secretariat
December 2008

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 Posted:  09, Jan 17