FIA envisions a crime-free society in new Strategic Plan

The Financial Intelligence Authority (FIA) has developed a new Strategic Plan covering the period 2017 to 2022 in which it has aligned its operations towards its vision of a crime-free Malawi.

The Plan, which will be launched soon, has been developed in line with the FIA’s mandate drawn from the Financial Crimes Act (FCA). Among others, Section 5 of the FCA empowers the FIA to carry out investigations and access the widest possible range of financial, administrative and law enforcement information for purposes of achieving its objectives set out in the Act.

The FIA’s functions set out under Section 4 of the FCA include requesting, receiving and analyzing reports submitted by reporting institutions; submitting reports to relevant LEAs or supervisory authorities based on financial intelligence analysis; creating and maintaining a database of statistics and records on anti-money laundering and combating the financing of terrorism (AML/CFT); conducting research into trends techniques and developments in financial crimes, tracing of proceeds of crime and terrorist financing; cooperating with local and international institutions on AML/CFT; offering training and support; and conducting public awareness on AML/CFT.

The operations of the FIA are therefore now embedded in five strategic objectives, namely: detecting and deterring financial crime including ML, TF and proliferation of weapons of mass destruction; updating the legal and regulatory framework; strengthening organizational structure, processes and systems for effective performance; strengthening coordination with key stakeholders; and increasing public awareness of the FIA and AML/CFT issues.

The Plan was developed through a consultative and participatory process with the assistance of experts from the Department of Statutory Corporations.

This is the FIA’s second Strategic Plan. The first Plan expired in 2016.

The new Strategic Plan of the FIA can be accessed by clicking Here ...

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