The Bank entered into the partnership in an attempt to fight a rising wave of financial crime
By Patience Abeck
LILONGWE-(MaraviPost)-Reserve Bank of Malawi (RBM) says about seven people have been convicted for illegal foreign exchange transfers since the Central Bank partnered with seven government agencies earlier this year.
The Bank entered into the partnership in an attempt to fight a rising wave of financial crime.
Spokesperson for RBM, Mbane Ngwira told Zodiak that of the convicts, some were granted custodial sentences while others were fined.
“They were sentenced up to fifteen months imprisonment and some were ordered to pay fines. The money individuals externalized, the highest amount, could have been about US$600 thousand. That was substantial amount when we consider all of them,” he said.
Reserve Bank Governor, Dr. Dalitso Kabambe, said at the time the Bank entered into the partnership that the country had lost about MK240 billion in the three previous years to financial crimes.
The partnerships, among other benefits, enables sharing of intelligence between the central bank, the Malawi Police Services, Office of Director of Public Prosecution, the Anti-Corruption Bureau, Malawi Revenue Authority, the Immigration Department, National Intelligence Services and Financial Intelligence Authority.