MONEY LAUNDERING IN TRADE EXPOSED – Malawi News Online

During a two-day workshop on trade-based money laundering organized by Financial Intelligence Agency (FIA) in collaboration with Attorney General Alliance-Africa Alliance Partnership (AGA-AAP), the Malawi Revenue Authority (MRA) says trade-based money laundering has cost the economy $9 million (about K6.6 billion) between 2017 and 2018.

FIA director general Atuweni Juwayeyi- Adermodji said Trade-based money laundering in Malawi is rampant, costing the economy serious sums of money. “This points to the fact that this is this is a serious problem which needs expertise to bring the malpractice to an end,” she said. AGA-AAP programme director Chikukere Unamba-Oparah said it is critical for organizations to understand, learn and implement best measures and practices to tackle trade-based money laundering.

In March this year, FIA noted that between 2013 and 2017, Malawi lost an estimated $17 010 112.72 (about K13 billion) due to money laundering offences, as revealed by a National Risk Assessment (NRA). Malawi conducted its second NRA to assess money laundering and terrorism financing risks from mid-2017 to May 2018. The first assessment was conducted from 2012 and approved in 2013 by the Ministry of Finance, Economic Planning and Development.