Court fines Pakistani for illegal forex
Blantyre Magistrate’s Court has convicted and fined a Pakistani national K950 000 for illegal possession of foreign currency amounting to $269 970 (about K154 million at the current exchange rate).
The court further ordered forfeiture of the money to government.
Muhammad Jawad, 24, who faced charges of money laundering, illegal possession of foreign currency and attempted transfer of the same outside the country, pleaded not guilty to money laundering, but pleaded guilty to illegal possession and attempting to transfer forex illegally out of the country.
The court learnt that Jawad came to Malawi in 2009 from Pakistan and owns Pick and Buy Shop in Manja Township, Blantyre.
The court further learnt that on August 11 this year, Jawad intended to travel to Dubai, but upon being searched at Chileka International Airport, was found with $269 970 concealed in his travelling bag.
Senior resident magistrate Esther Bodole went on to fine the convict K100 000 or in default serve eight months in prison with hard labour (IHL) in respect of the offence of illegal possession of foreign currency and K850 000 or in default 12 months in prison IHL for attempting to illegally transfer foreign currency out of the country.
