Malawi’s Anti-Corruption Bureau (ACB) and the Financial Intelligence Unit (FIU) on Wednesday signed a pact to enable the two institutions share information on dealing with money laundering, corruption, fraud and other financial crimes.
The ACB is mandated, by the Corrupt Practices Act, to lead in the fight against corruption in the country, while on one hand the FIU is a national agency responsible for receiving, analysing and assessing reports of suspicious transactions issued by financial institutions and disseminate to competent authorities.
ACB director Justice Rezine Mzikamanda said during the signing ceremony in the capital, Lilongwe that the agreement is also designed to formalise the existing working arrangement between ACB and FIU.
“Our two institutions play a very important and complementary role in advancing the social and economic development of Malawi,” said Mzikamanda.
He noted that the fight against corruption can never be won in the country if the ACB is left to fight alone, hence their involvement with other stakeholders such as FIU.
Mzikamanda disclosed that the bureau has in the last few weeks established formal links with Interpol and has set up a link desk for gathering intelligence on corruption.
He said ACB will soon be signing a memorundum of understanding Mou with the African Development Bank (AfDB) and the World Bank in order to advance anti-corruption efforts.
On her part, FIU acting director Atuweni Tupochile Phiri said the two institutions have been working together since the FIU started its operations in 2007.
Phiri explained that in combating money laundering and terrorist financing in Malawi, the FIU acts as a link between the financial institutions on the one hand and law, enforcing agencies on the other.